{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"fresnilloplc": "http://fresnilloplc.com/xbrl/2022",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://fresnilloplc.com/xbrl/2022/fresnilloplc-2022-12-31.xsd"
]
},
"facts": {
"fact-8": {
"value": "2432990000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-9": {
"value": "2432990000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-10": {
"value": "2703095000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-11": {
"value": "2703095000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-12": {
"value": "1896970000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-13": {
"value": "1896970000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-14": {
"value": "1766170000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-15": {
"value": "1766170000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-16": {
"value": "536020000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-17": {
"value": "536020000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-18": {
"value": "936925000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-19": {
"value": "936925000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-20": {
"value": "94123000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-21": {
"value": "94123000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-22": {
"value": "103534000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-23": {
"value": "103534000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-24": {
"value": "165790000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ExpenseArisingFromExplorationForAndEvaluationOfMineralResources",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-25": {
"value": "165790000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ExpenseArisingFromExplorationForAndEvaluationOfMineralResources",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-26": {
"value": "130291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ExpenseArisingFromExplorationForAndEvaluationOfMineralResources",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-27": {
"value": "130291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ExpenseArisingFromExplorationForAndEvaluationOfMineralResources",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-28": {
"value": "25619000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SellingExpense",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-29": {
"value": "25619000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SellingExpense",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-30": {
"value": "25035000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SellingExpense",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-31": {
"value": "25035000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SellingExpense",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-32": {
"value": "71860000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-33": {
"value": "71860000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-34": {
"value": "11914000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-35": {
"value": "11914000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-36": {
"value": "38755000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-37": {
"value": "38755000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-38": {
"value": "23246000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-39": {
"value": "23246000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-40": {
"value": "283593000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ProfitFromContinuingOperationsBeforeNetFinanceCostsAndIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-41": {
"value": "283593000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ProfitFromContinuingOperationsBeforeNetFinanceCostsAndIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-42": {
"value": "666733000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ProfitFromContinuingOperationsBeforeNetFinanceCostsAndIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-43": {
"value": "666733000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ProfitFromContinuingOperationsBeforeNetFinanceCostsAndIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-44": {
"value": "26460000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-45": {
"value": "26460000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-46": {
"value": "8874000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-47": {
"value": "8874000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-48": {
"value": "81621000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-49": {
"value": "81621000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-50": {
"value": "61750000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-51": {
"value": "61750000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-52": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:RevaluationEffectsOfSilverstreamContract",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-53": {
"value": "18785000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:RevaluationEffectsOfSilverstreamContract",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-54": {
"value": "18785000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:RevaluationEffectsOfSilverstreamContract",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-55": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:RevaluationEffectsOfSilverstreamContract",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-56": {
"value": "-416000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:RevaluationEffectsOfSilverstreamContract",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-57": {
"value": "-416000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:RevaluationEffectsOfSilverstreamContract",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-58": {
"value": "1354000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-59": {
"value": "1354000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-60": {
"value": "-1909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-61": {
"value": "-1909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-62": {
"value": "229786000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-63": {
"value": "18785000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-64": {
"value": "248571000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-65": {
"value": "611948000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-66": {
"value": "-416000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-67": {
"value": "611532000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-68": {
"value": "-73009000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:CorporateIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-69": {
"value": "5635000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:CorporateIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-70": {
"value": "-67374000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:CorporateIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-71": {
"value": "156598000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:CorporateIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-72": {
"value": "-125000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:CorporateIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-73": {
"value": "156473000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:CorporateIncomeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-74": {
"value": "7654000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:SpecialMiningRight",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-75": {
"value": "7654000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:SpecialMiningRight",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-76": {
"value": "16563000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:SpecialMiningRight",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-77": {
"value": "16563000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:SpecialMiningRight",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-78": {
"value": "-65355000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-79": {
"value": "5635000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-80": {
"value": "-59720000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-81": {
"value": "173161000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-82": {
"value": "-125000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-83": {
"value": "173036000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-84": {
"value": "295141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-85": {
"value": "13150000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-86": {
"value": "308291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-87": {
"value": "438787000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-88": {
"value": "-291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-89": {
"value": "438496000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-90": {
"value": "258747000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-91": {
"value": "13150000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-92": {
"value": "271897000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-93": {
"value": "421500000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-94": {
"value": "-291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-95": {
"value": "421209000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-96": {
"value": "36394000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-97": {
"value": "36394000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-98": {
"value": "17287000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-99": {
"value": "17287000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-100": {
"value": "295141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-101": {
"value": "13150000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-102": {
"value": "308291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-103": {
"value": "438787000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-104": {
"value": "-291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:SilverstreamRevaluationEffectMember",
"unit": "iso4217:USD"
}
},
"fact-105": {
"value": "438496000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-106": {
"value": "0.369",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact-440": {
"value": "0.369",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact-107": {
"value": "0.572",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact-441": {
"value": "0.572",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact-108": {
"value": "0.00351",
"decimals": 3,
"dimensions": {
"concept": "fresnilloplc:AdjustedBasicEarningsPerOrdinaryShareFromContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact-442": {
"value": "0.00351",
"decimals": 3,
"dimensions": {
"concept": "fresnilloplc:AdjustedDilutedEarningsPerOrdinaryShareFromContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact-109": {
"value": "0.00572",
"decimals": 3,
"dimensions": {
"concept": "fresnilloplc:AdjustedBasicEarningsPerOrdinaryShareFromContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact-443": {
"value": "0.00572",
"decimals": 3,
"dimensions": {
"concept": "fresnilloplc:AdjustedDilutedEarningsPerOrdinaryShareFromContinuingOperations",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"fresnilloplc:ConsolidatedIncomeStatementAxis": "fresnilloplc:PreSilverstreamRevaluationEffectMember",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact-110": {
"value": "308291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-111": {
"value": "438496000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-112": {
"value": "-3770000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-113": {
"value": "2476000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-114": {
"value": "-1380000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInValueOfTimeValueOfOptions",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-115": {
"value": "-5396000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInValueOfTimeValueOfOptions",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-116": {
"value": "2390000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalEffectOfCashFlowHedgesThatMayBeReclassifiedSubsequentlyToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-117": {
"value": "-7872000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalEffectOfCashFlowHedgesThatMayBeReclassifiedSubsequentlyToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-118": {
"value": "234000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-119": {
"value": "-653000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-120": {
"value": "717000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-121": {
"value": "-2362000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-122": {
"value": "1907000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-123": {
"value": "-6163000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-124": {
"value": "-4120000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:LossesRecycledToTheValueOfOtherAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-125": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:LossesRecycledToTheValueOfOtherAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-126": {
"value": "4733000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ChangesInTheFairValueOfCashFlowHedgesThatWillNotBeReclassifiedSubsequentlyToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-127": {
"value": "-994000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ChangesInTheFairValueOfCashFlowHedgesThatWillNotBeReclassifiedSubsequentlyToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-128": {
"value": "613000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalEffectOfCashFlowHedgesThatWillNotBeReclassifiedSubsequentlyToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-129": {
"value": "-994000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalEffectOfCashFlowHedgesThatWillNotBeReclassifiedSubsequentlyToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-130": {
"value": "-5712000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-131": {
"value": "-48051000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-132": {
"value": "-712000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-133": {
"value": "5710000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-134": {
"value": "-1644000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-135": {
"value": "-13805000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-136": {
"value": "-4167000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-137": {
"value": "-29530000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-138": {
"value": "-2260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-139": {
"value": "-35693000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-140": {
"value": "306031000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-141": {
"value": "402803000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-142": {
"value": "271618000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-143": {
"value": "386060000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-144": {
"value": "34413000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-145": {
"value": "16743000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-146": {
"value": "306031000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-147": {
"value": "402803000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-148": {
"value": "2862564000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-149": {
"value": "2799075000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-150": {
"value": "158813000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsInEquityInstrumentsDesignatedAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-151": {
"value": "164525000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsInEquityInstrumentsDesignatedAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-152": {
"value": "475256000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:SilverstreamContractNonCurrent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-153": {
"value": "494392000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:SilverstreamContractNonCurrent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-154": {
"value": "343688000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-155": {
"value": "67300000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-156": {
"value": "91620000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentInventories",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-157": {
"value": "91620000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentInventories",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-158": {
"value": "38458000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentReceivables",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-159": {
"value": "58548000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentReceivables",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-160": {
"value": "3700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-161": {
"value": "3587000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-162": {
"value": "3974099000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-163": {
"value": "3679047000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-164": {
"value": "495744000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-165": {
"value": "396184000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-166": {
"value": "404499000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-167": {
"value": "401424000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-168": {
"value": "34429000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentPrepayments",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-169": {
"value": "20282000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentPrepayments",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-170": {
"value": "231000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-171": {
"value": "96000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-172": {
"value": "36218000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:SilverstreamContractCurrent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-173": {
"value": "35152000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:SilverstreamContractCurrent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-174": {
"value": "969060000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-175": {
"value": "1235282000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-176": {
"value": "1940181000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-177": {
"value": "2088420000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-178": {
"value": "5914280000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-179": {
"value": "5767467000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-180": {
"value": "368546000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-181": {
"value": "368546000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-182": {
"value": "1153817000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-183": {
"value": "1153817000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-184": {
"value": "-526910000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CapitalReserve",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-185": {
"value": "-526910000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CapitalReserve",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-186": {
"value": "-91000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-187": {
"value": "-2042000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-188": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptions",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-189": {
"value": "-38000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptions",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-190": {
"value": "79786000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-191": {
"value": "83784000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-192": {
"value": "-1886000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-193": {
"value": "-2120000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-194": {
"value": "2612469000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-195": {
"value": "2543087000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-196": {
"value": "3685731000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-197": {
"value": "3618124000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-198": {
"value": "231206000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-199": {
"value": "184548000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-200": {
"value": "3916937000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-201": {
"value": "3802672000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-202": {
"value": "840678000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-203": {
"value": "1157545000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-204": {
"value": "95853000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:NotesPayableNonCurrent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-205": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:NotesPayableNonCurrent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-206": {
"value": "9920000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-207": {
"value": "6146000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-208": {
"value": "242380000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:NonCurrentProvisionForMineClosureCost",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-209": {
"value": "256956000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:NonCurrentProvisionForMineClosureCost",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-210": {
"value": "9462000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-211": {
"value": "6506000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-212": {
"value": "111120000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-213": {
"value": "68745000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-214": {
"value": "1309413000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-215": {
"value": "1495898000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-216": {
"value": "258867000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-217": {
"value": "270317000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-218": {
"value": "317879000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-219": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-220": {
"value": "9109000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:NotesPayableCurrent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-221": {
"value": "107918000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:NotesPayableCurrent",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-222": {
"value": "81235000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-223": {
"value": "62287000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-224": {
"value": "487000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-225": {
"value": "3885000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-226": {
"value": "5209000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-227": {
"value": "4681000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-228": {
"value": "4827000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:CurrentProvisionForMineClosureCost",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-229": {
"value": "3351000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:CurrentProvisionForMineClosureCost",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-230": {
"value": "10317000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:EmployeeProfitSharing",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-231": {
"value": "16458000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:EmployeeProfitSharing",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-232": {
"value": "687930000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-233": {
"value": "468897000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-234": {
"value": "1997343000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-235": {
"value": "1964795000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-236": {
"value": "5914280000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-237": {
"value": "5767467000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-238": {
"value": "502185000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-239": {
"value": "895141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-240": {
"value": "592129000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-241": {
"value": "592052000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-242": {
"value": "1357000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-243": {
"value": "6042000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-244": {
"value": "33355000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ProceedsFromSilverstreamContractClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-245": {
"value": "48986000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ProceedsFromSilverstreamContractClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-246": {
"value": "15000000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ProceedsFromTheLaybackAgreementClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-247": {
"value": "25000000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:ProceedsFromTheLaybackAgreementClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-248": {
"value": "28235000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-249": {
"value": "10459000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-250": {
"value": "-514182000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-251": {
"value": "-501565000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-252": {
"value": "8140000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-253": {
"value": "41665000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-254": {
"value": "10008000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-255": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-256": {
"value": "5125000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-257": {
"value": "5971000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-258": {
"value": "201950000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-259": {
"value": "245561000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-260": {
"value": "10143000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-261": {
"value": "31885000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-262": {
"value": "55308000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-263": {
"value": "49334000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-264": {
"value": "-254108000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-265": {
"value": "-227316000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-266": {
"value": "-266105000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-267": {
"value": "166260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-268": {
"value": "-117000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-269": {
"value": "-1393000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-270": {
"value": "1235282000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-271": {
"value": "1070415000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-272": {
"value": "969060000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-273": {
"value": "1235282000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-1": {
"value": "8500000",
"decimals": -5,
"dimensions": {
"concept": "fresnilloplc:TotalInterestPaidLessAmountsCapitalised",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-2": {
"value": "8400000",
"decimals": -5,
"dimensions": {
"concept": "fresnilloplc:TotalInterestPaidLessAmountsCapitalised",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-274": {
"value": "368546000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-275": {
"value": "1153817000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-276": {
"value": "-526910000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-277": {
"value": "3292000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-278": {
"value": "1072000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-279": {
"value": "117420000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-280": {
"value": "-1467000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-281": {
"value": "2363275000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-282": {
"value": "3479045000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-283": {
"value": "135559000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-284": {
"value": "3614604000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-285": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-286": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-287": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-288": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-289": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-290": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-291": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-292": {
"value": "421209000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-293": {
"value": "421209000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-294": {
"value": "17287000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-295": {
"value": "438496000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-296": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-297": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-298": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-299": {
"value": "-4535000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-300": {
"value": "-1110000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-301": {
"value": "-33636000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-302": {
"value": "-653000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-303": {
"value": "4785000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-304": {
"value": "-35149000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-305": {
"value": "-544000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-306": {
"value": "-35693000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-307": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-308": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-309": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-310": {
"value": "-4535000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-311": {
"value": "-1110000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-312": {
"value": "-33636000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-313": {
"value": "-653000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-314": {
"value": "425994000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-315": {
"value": "386060000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-316": {
"value": "16743000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-317": {
"value": "402803000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-318": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-319": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-320": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-321": {
"value": "799000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-322": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-323": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-324": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-325": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-326": {
"value": "799000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-327": {
"value": "-361000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-328": {
"value": "438000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-329": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-330": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-331": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-332": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-333": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-334": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-335": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-336": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-337": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-338": {
"value": "31885000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-339": {
"value": "31885000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-340": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-341": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-342": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-343": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-344": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-345": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-346": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-347": {
"value": "246182000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-348": {
"value": "246182000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-349": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-350": {
"value": "246182000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-351": {
"value": "368546000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-352": {
"value": "1153817000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-353": {
"value": "-526910000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-354": {
"value": "-2042000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-355": {
"value": "-38000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-356": {
"value": "83784000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-357": {
"value": "-2120000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-358": {
"value": "2543087000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-359": {
"value": "3618124000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-360": {
"value": "184548000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-361": {
"value": "3802672000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-362": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-363": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-364": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-365": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-366": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-367": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-368": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-369": {
"value": "271897000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-370": {
"value": "271897000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-371": {
"value": "36394000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-372": {
"value": "308291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-373": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-374": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-375": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-376": {
"value": "1169000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-377": {
"value": "38000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-378": {
"value": "-3998000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-379": {
"value": "234000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-380": {
"value": "-606000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-381": {
"value": "-3163000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-382": {
"value": "-1981000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-383": {
"value": "-5144000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:OtherComprehensiveIncomeNetOfTax",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-384": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-385": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-386": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-387": {
"value": "1169000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-388": {
"value": "38000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-389": {
"value": "-3998000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-390": {
"value": "234000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-391": {
"value": "271291000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-392": {
"value": "268734000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-393": {
"value": "34413000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-394": {
"value": "303147000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:TotalComprehensiveIncomeForTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-395": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-396": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-397": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-398": {
"value": "-782000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-399": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-400": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-401": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-402": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-403": {
"value": "-782000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-404": {
"value": "-2102000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-405": {
"value": "-2884000",
"decimals": -3,
"dimensions": {
"concept": "fresnilloplc:HedgingLossTransferredToTheCarryingValueOfPPEPurchasedDuringTheYear",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-406": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-407": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-408": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-409": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-410": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-411": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-412": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-413": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-414": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-415": {
"value": "10143000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-416": {
"value": "10143000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-417": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-418": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-419": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-420": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-421": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-422": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-423": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-424": {
"value": "201909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-425": {
"value": "201909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-426": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-427": {
"value": "201909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-428": {
"value": "368546000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"fact-429": {
"value": "1153817000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"fact-430": {
"value": "-526910000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:USD"
}
},
"fact-431": {
"value": "-91000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"fact-432": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfChangeInValueOfTimeValueOfOptionsMember",
"unit": "iso4217:USD"
}
},
"fact-433": {
"value": "79786000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"fact-434": {
"value": "-1886000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"fact-435": {
"value": "2612469000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"fact-436": {
"value": "3685731000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"fact-437": {
"value": "231206000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact-438": {
"value": "3916937000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact-444": {
"value": "Notes to the consolidated financial statements 1. Corporate information Fresnillo plc. (\u2018the Company\u2019) is a public limited company and registered in England and Wales with registered number 6344120 and is the holding company for the Fresnillo subsidiaries detailed in note 5 of the Parent Company accounts (\u2018the Group\u2019). Industrias Pe\u00f1oles S.A.B. de C.V. (\u2018Pe\u00f1oles\u2019) currently owns 75 percent of the shares of the Company and the ultimate controlling party of the Company is the Baill\u00e8res family, whose beneficial interest is held through Pe\u00f1oles. The registered address of Pe\u00f1oles is Calzada Legaria 549, Mexico City 11250. Copies of Pe\u00f1oles\u2019 accounts can be obtained from www.penoles.com.mx. Further information on related party balances and transactions with Pe\u00f1oles\u2019 group companies is disclosed in note 27. The consolidated financial statements of the Group for the year ended 31 December 2022 were authorised for issue by the Board of Directors of Fresnillo plc on 6 March 2023. The Group\u2019s principal business is the mining and beneficiation of non-ferrous minerals, and the sale of related production. The primary contents of this production are silver, gold, lead and zinc. During 2022 and 2021 all the production were sold to Pe\u00f1oles\u2019 metallurgical complex, Met-Mex, for smelting and refining. Further information about the Group operating mines and its principal activities is disclosed in note 3. 2. Significant accounting policies (a) Basis of preparation and consolidation, and statement of compliance Basis of preparation and statement of compliance The Group consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and in accordance with the provisions of the Companies Act 2006. The consolidated financial statements have been prepared on a historical cost basis, except for trade receivables, derivative financial instruments, equity securities and defined benefit pension scheme assets which have been measured at fair value. The consolidated financial statements are presented in dollars of the United States of America (US dollars or US$) and all values are rounded to the nearest thousand ($000) except when otherwise indicated. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out above in the Strategic Review on pages 2-157. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review in pages 52-61. In addition, note 31 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. In making their assessment of the Group\u2019s ability to manage its future cash requirements, the Directors have considered the Company and Group budgets and the cash flow forecasts for the period to 31 December 2024 (being the going concern assessment period). The Directors have also considered the cash position as of 31 December 2022 (US$ 969.1 million) and the net current asset position (US$1,252.3 million), which includes the debt repayment due in 2023 (US$317.9 million), as described in the financial review. In addition, they reviewed a more conservative cash flow scenario with reduced silver and gold prices of US$20.0 and US$1,718 respectively throughout this period, whilst maintaining current budgeted expenditure and only considering projects approved by the Executive Committee. This resulted in our current cash and cash equivalents balances reducing over time but maintaining sufficient liquidity throughout the period. The Directors have further calculated prices (US$18.5 and US$1,574 for silver and gold respectively), which should they prevail to the end of 2024 would result in cash balances decreasing to minimal levels by the end of 2024, without applying mitigations. Should metal prices remain below the stressed prices above for an extended period, management have identified specific elements of capital and exploration expenditures which could be deferred without adversely affecting production profiles throughout the period. Finally, management could amend the mining plans to concentrate on production with a higher margin in order to accelerate cash generation without affecting the integrity of the mine plans. Previously, the Directors reviewed scenarios that incorporated an estimated potential impact of government-imposed stoppages due to Covid-19 restrictions. The Directors reassessed the situation in the current year, considering in particular the fact mining was declared an essential activity by the Federal Government and there have been no further stoppages at any of our mines. Furthermore, as previously reported, we have implemented additional health and safety measures at each of our mines coupled with extensive targeted and random testing. The Directors concluded that the risk of government-imposed stoppages was low and therefore disclosure of a specific Covid scenario is no longer relevant. After reviewing all of the above considerations, the Directors have a reasonable expectation that management have sufficient flexibility in adverse circumstances to maintain adequate resources to continue in operational existence for the foreseeable future. The Directors, therefore, continue to adopt the going concern basis of accounting in preparing the annual financial statements. Basis of consolidation The consolidated financial statements set out the Group\u2019s financial position as of 31 December 2022 and 2021, and the results of operations and cash flows for the years then ended. Entities that constitute the Group are those enterprises controlled by the Group regardless of the number of shares owned by the Group. The Group controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Entities are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. The Group applies the acquisition method to account for business combinations in accordance with IFRS 3. All intra-group balances, transactions, income and expenses and profits and losses, including unrealised profits arising from intra-group transactions, have been eliminated on consolidation. Unrealised losses are eliminated in the same way as unrealised gains except that they are only eliminated to the extent that there is no evidence of impairment. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein. The interest of non-controlling shareholders may be initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition by-acquisition basis. Subsequent to acquisition, non-controlling interests consist of the amount attributed to such interests at initial recognition and the non-controlling interest\u2019s share of changes in equity since the date of the combination. Any losses of a subsidiary are attributed to the non-controlling interests even if that results in a deficit balance. Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, a transaction with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interest are also recorded in equity. (b) Changes in accounting policies and disclosures The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended 31 December 2021, except for the adoption of some amendment as follow: \u2022 Proceeds deducted from the cost of Property, plant and equipment. Amendments to IAS 16, \u2018Property, plant and equipment\u2019 prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. This resulted in a change to the Group\u2019s accounting policies. Ore generated as part of the development stage may be processed and sold, giving rise to revenue before the commencement of commercial production. Prior to 1 January 2022, where such processing was necessary to bring mining assets into the condition required for their intended use (for example, in testing the plants at the mining unit in development), revenues from metals recovered from such activities were credited to mining properties and development costs. From 1 January 2022, such revenue is recognised in profit or loss and cost of sales is measured based on operating cost once commercial production has been initiated. The adoption of this amendment did not have any impact on the financial position or performance of the Group as there were no sales from ore processed by plants in their testing period in the years where the amendment is applicable. New standards, interpretations and amendments (new standards) adopted by the Group Other than above, a number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. Standards, interpretations and amendments issued but not yet effective The IASB has issued other amendments resulting from improvements to IFRSs that management considers do not have any impact on the accounting policies, financial position or performance of the Group. The Group has not early adopted any standard, interpretation or amendment that was issued but is not yet effective. (c) Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances, with regard to prior experience, but actual results may differ from the amounts included in the consolidated financial statements. Information about such judgements and estimates is contained in the accounting policies and/or the notes to the consolidated financial statements. Judgements Areas of judgement, apart from those involving estimations, that have the most significant effect on the amounts recognised in the consolidated financial statements for the year ended 31 December 2022 are: Recognition and classification of assets at Soledad and Dipolos mine: In 2009, five members of the El Baj\u00edo agrarian community in the state of Sonora, who claimed rights over certain surface land in the proximity of the operations of Minera Penmont (\u2018Penmont\u2019), submitted a legal claim before the Unitarian Agrarian Court (Tribunal Unitario Agrario) of Hermosillo, Sonora, to have Penmont vacate an area of this surface land. The land in dispute encompassed a portion of surface area where part of the operations of the Soledad & Dipolos mine are located. The litigation resulted in a definitive court order, with which Penmont complied by vacating 1,824 hectares of land, resulting in the suspension of operations at Soledad & Dipolos. Whilst the claim and the definitive court order did not affect the Group\u2019s legal title over the mining concession or the ore currently held in leaching pads near the mine site, land access at the mine site is required to further exploit the concession at Soledad & Dipolos. In addition to, but separate from, the lands mentioned above, Penmont is the legal and registered owner of the land where the Soledad & Dipolos leaching pads are located but has not yet been able to gain physical access to these pads due to opposition by certain local individuals. This land was purchased by Penmont from the Federal Government of Mexico in accordance with due legal process. The Group has a reasonable expectation that Penmont will eventually regain access to the Soledad & Dipolos assets and process the ore content in the Soledad & Dipolos leaching pads. This expectation considers different scenarios, including but not limited to potential negotiation scenarios and the different legal proceedings that Penmont has presented in order to regain access to the lands, as well as other ongoing proceedings including claims by members of the agrarian community requesting the cancellation of Penmont\u2019s property deed over this area, which claims Penmont believes are without merit. All such proceedings are pending final resolution. Therefore, the Group continues to recognise property, plant and equipment and inventory related to Soledad & Dipolos, as disclosed in note 13 and note 15, respectively. Due to the fact that it is not yet certain when access may be granted so that the inventory can be processed, this inventory is classified as a non-current asset. 2. Significant accounting policies continued Furthermore, claimants from the El Baj\u00edo community also presented claims against occupation agreements they entered into with Penmont, covering land parcels other than the surface land where Soledad & Dipolos is located. Penmont has had no significant mining operations or specific geological interest in the affected parcels and these lands are therefore not considered strategic for Penmont. The Agrarian Court has issued rulings declaring such occupation agreements over those land parcels to be null and void and that Penmont must remediate such lands to the state that they were in before Penmont\u2019s occupation as well as returning any minerals extracted from this area. The case relating to the claims over these land parcels remains subject to final conclusion. However, given that Penmont has not conducted significant mining operations or had specific geological interest in these land parcels, any contingencies relating to such land parcels are not considered material by the Group. There are no material assets recognised in respect of these land parcels at 31 December 2022 or 31 December 2021. Layback agreement: In December 2020, the Group entered into multiple contracts with Orla Mining Ltd. and its Mexican Subsidiary, Minera Camino Rojo, S.A. de C.V. (together herein referred to as \u2018Orla\u2019), granting Orla the right to expand the Camino Rojo oxide pit onto Fresnillo\u2019s \u2018Guachichil D1\u2019 mineral concession. Based on the terms of the contracts, the Group will transfer the legal rights to access and mine the mineral concession to Orla. Due to the fact that the contracts were negotiated together, the Group has considered the layback contracts as a single agreement (Layback Agreement) for the purpose of determining the accounting implications of the transaction. The Group determined that the transaction should be accounted for as the sale of a single intangible asset. As such, it is relevant to consider the point at which control transfers in accordance with the requirements of IFRS 15 regarding when a performance obligation is satisfied and in light of the continuing performance obligations on the part of the Group. The effectiveness of the agreement was subject to the approval of the Mexican Federal Competition Commission (COFECE), which was granted in February 2021. The consideration includes three payments: US$25.0 million that was paid upon the approval of COFECE, US$15.0 million that was paid in November 2022, and US$22.8 million that will be paid no later than 1 December 2023. The future amounts bear interest at an annual rate of 5%. Upon notification of approval by COFECE, the Group recognised the fair value of consideration set out in the contract (US$67.2 million, being the cash flows set out above discounted at the risk-free rate). As set out in the Layback Agreement the Group had continued to provide support to Orla in respect of other negotiations relevant to their acquisition of the rights to access from the local ejido, thus the Company had recognised the total value of the agreement as deferred income. In December 2022 the Group successfully concluded with the support to Orla with respect to the negotiations relevant to the acquisition of the rights to access. Thus, the Company considers all the obligations established in the Layback Agreement to have been completed and has recognised the total value of the agreement in profit or loss as other income. Juanicipio project: The Group assesses the stage of each mine under development/construction to determine when a mine moves into the production phase, this being when the mine is substantially complete and ready for its intended use. The criteria used to assess the start date are determined based on the nature of each mine project, considering its complexity, location and other relevant factors. The criteria to assess this date considers the level of capital expenditure compared with the estimated construction cost, the availability of ore reserves to sustain ongoing extraction, the extraction of ore from production areas and the production feasibility considering the operating resources available. When the production phase is considered to have commenced, all related costs are transferred from \u2018Construction in progress\u2019 to the relevant class of \u2018Property, plant and equipment\u2019. At this stage, the capitalisation of development costs ceases, depreciation commences, and additional costs are either recognised as costs of inventories or expenses, except for those that qualify for capitalisation relating to mining asset additions or improvements, underground mine development or mineable reserve development. During 2021 the Group finalised the construction of the Juanicipio project. As of 1 January 2022, the mine started commercial production, while the plant commissioning activities were postponed due to delays in the connection of the plant to the national electricity grid. Consequently, the Group assessed the production start date for the mine and the plant separately. As a result, the Group determined that the Juanicipio mine started operations from 1 January 2022. During 2022 the activities necessary to connect the plant to the national electricity grid continued and in December were concluded satisfactorily. The Group has determined that as of 31 December 2022, the plant facilities are substantially complete and the commissioning process has begun. As at 31 December 2022 the plant\u2019s assets US$228.3 million are presented within property, plant and equipment and its depreciation will commence once production takes place. The costs incurred as a part of the testing of equipment prior to the connection to the power grid including employees training has been considered as unabsorbed production cost as presented in note 6. Climate change: In the climate disclosure in the Strategic Report, the Group\u2019s set out its assessment of climate risks and opportunities (CROs). The Group recognises that there may be potential financial statement implications in the future in respect of the mitigation and adaptation measures to the physical and transition risks. The potential effect of climate change would be in respect of assets and liabilities that are measured based on an estimate of future cash flows. The Group specifically considered the effect of climate change on the valuation of property, plant and equipment, deferred tax assets, the Silverstream contract and the provision for mine closure cost. The Group does not have any assets or liabilities for which measurement is directly linked to climate change performance (for example: Sustainability-Linked Bonds). The main ways in which climate has affected the preparation of the financial statements are: \u2022 The Group has already made certain climate-related strategic decisions, such as to focus on decarbonisation and to increase wind energy. Where decisions have been approved by the Board, the effects were considered in the preparation of these financial statements by way of inclusion in future cash flow projections underpinning the estimation of the recoverable amount of property, plant and equipment and deferred tax assets, as relevant. \u2022 As described in note 14, the costs inherent in the Silverstream contract are determined based on the provisions of that contract. This reduces the exposure of the valuation of the asset to the effect of any cost implications related to CROs. \u2022 Further information about the potential effect of CROs on the provision for mine closure cost is set out in note 21. Notes to the consolidated financial statements continued The Group\u2019s strategy consists of mitigation and adaptation measures. To mitigate the impacts by and on climate change the Company relies on renewable electricity, fuel replacement and efficiency opportunities to reduce the carbon footprint. The approach to adaptation measures is based on climate models to produce actionable information for the design, construction, operation and closure of its mining assets, considering climate change. In addition, societal expectations are driving government action that may impose further requirements and cost on companies in the future. Future changes to the Group\u2019s climate change strategy, global decarbonisation signposts and regulation may impact the Group\u2019s significant judgements and key estimates and result in material changes to financial results and the carrying values of certain assets and liabilities in future reporting periods. However, as at the balance sheet date the Group believes there is no material impact on balance sheet carrying values of assets or liabilities. Although this is an estimate, it is not considered a critical estimate. Estimates and assumptions Significant areas of estimation uncertainty considered by management in preparing the consolidated financial statements include: Estimated recoverable ore reserves and mineral resources, note 2(e): Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Group\u2019s mining properties. Mineral resources are an identified mineral occurrence with reasonable prospects for eventual economic extraction. The Group estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates, in conformity with the Joint Ore Reserves Committee (JORC) code 2012. Such an analysis requires complex geological judgements to interpret the data. The estimation of recoverable ore reserves and mineral resources is based upon factors such as geological assumptions and judgements made in estimating the size and grade of the ore body, estimates of commodity prices, foreign exchange rates, future capital requirements and production costs. As additional geological information is produced during the operation of a mine, the economic assumptions used and the estimates of ore reserves and mineral resources may change. Such changes may impact the Group\u2019s reported balance sheet and income statement including: \u2022 The carrying value of property, plant and equipment and mining properties may be affected due to changes in the recoverable amount, which consider both ore reserves and mineral resources, refer to note 13; \u2022 Depreciation and amortisation charges in the income statement may change where such charges are determined using the unit-of-production method based on ore reserves, refer to note 13; \u2022 Stripping costs capitalised in the balance sheet, either as part of mine properties or inventory, or charged to profit or loss may change due to changes in stripping ratios, refer to note 13; \u2022 Provisions for mine closure costs may change where changes to the ore reserve and resources estimates affect expectations about when such activities will occur, refer to note 21; and \u2022 The recognition and carrying value of deferred income tax assets may change due to changes regarding the existence of such assets and in estimates of the likely recovery of such assets, refer to note 11. Estimate of recoverable ore on leaching pads (note 15) In the Group\u2019s open pit mines, certain mined ore is placed on leaching pads where a solution is applied to the surface of the heap to dissolve the gold and enable extraction. The determination of the amount of recoverable gold requires estimation with consideration of the quantities of ore placed on the pads, the grade of the ore (based on assay data) and the estimated recovery percentage (based on metallurgical studies and current technology). The grades of ore placed on pads are regularly compared to the quantities of metal recovered through the leaching process to evaluate the appropriateness of the estimated recovery (metallurgical balancing). The Group monitors the results of the metallurgical balancing process and recovery estimates are refined based on actual results over time and when new information becomes available. Any potential future adjustment would be applicable from the point of re- estimation and would not by itself change the value of inventory and as such no sensitivity included. Silverstream (note 14): The valuation of the Silverstream contract as a derivative financial instrument requires estimation by management. The term of the derivative is based on the Sabinas life of mine and the value of this derivative is determined using a number of estimates, including the estimated recoverable ore reserves and mineral resources and future production profile of the Sabinas mine on the same basis a market participant would consider, the estimated recoveries of silver from ore mined, estimates of the future price of silver and the discount rate used to discount future cash flows. For further detail on the inputs that have a significant effect on the fair value of this derivative, and the impact of changes in key assumptions are included in note 14. Income tax, notes 2 (q) and 11: The recognition of deferred tax assets, including those arising from un-utilised tax losses, requires management to assess the likelihood that the Group will generate taxable earnings in future periods, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the balance sheet date could be impacted. Covid-19 During 2022, the Group continued to apply measures to safeguard the health of its employees and their local communities while continuing to operate safely and responsibly. During 2022 operations have not been suspended, all mines have operated at normal production capacity. The Group incurred other production costs of US$2.7 million (2021: US$4.7 million) related to Covid-19 measures which include community support, the acquisition of additional personal protective equipment and other safety measures. These are presented in cost of sales. During 2022 and 2021, attempts at containment of Covid-19 have resulted in decreased economic activity, which has adversely affected the broader global economy. In the current environment, assumptions about future commodity prices, exchange rates, and interest rates are subject to greater variability than normal, which could in the future affect the valuation of the Group\u2019s assets and liabilities, both financial and non-financial. As at 31 December 2022, there were no material changes to the valuation of the Group\u2019s asset and liabilities as a result of Covid-19. 2. Significant accounting policies continued
(d) Foreign currency translation
The Group\u2019s consolidated financial statements are presented in US dollars, which is the Parent Company\u2019s functional currency. The functional currency for each
entity in the Group is determined by the currency of the primary economic environment in which it operates. The determination of functional currency requires
management judgement, particularly where there may be more than one currency in which transactions are undertaken and which impact the economic
environment in which the entity operates. For all operating entities, this is US dollars.
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are re-translated at the rate of exchange ruling at the balance sheet date. All differences that
arise are recorded in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated into US dollars using
the exchange rate at the date when the fair value is determined.
For entities with functional currencies other than US dollars as at the reporting date, assets and liabilities are translated into the reporting currency of the
Group by applying the exchange rate at the balance sheet date and the income statement is translated at the average exchange rate for the year. The resulting
difference on exchange is included as a cumulative translation adjustment in other comprehensive income. On disposal of an entity, the deferred cumulative
amount recognised in other comprehensive income relating to that operation is recognised in the income statement.
(e) Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment, if any. Cost comprises the purchase price and any costs
directly attributable to bringing the asset into working condition for its intended use. The cost of self-constructed assets includes the cost of materials, direct
labour and an appropriate proportion of production overheads.
The cost less the residual value of each item of property, plant and equipment is depreciated over its useful life. Each item\u2019s estimated useful life has been
assessed with regard to both its own physical life limitations and the present assessment of economically recoverable reserves of the mine property at which the
item is located. Estimates of remaining useful lives are made on a regular basis for all mine buildings, machinery and equipment, with annual reassessments for
major items. Depreciation is charged to cost of sales on a unit-of-production (UOP) basis for mine buildings and installations, plant and equipment used in the
mine production process (except mobile equipment) or on a straight-line basis over the estimated useful life of the individual asset that are not related to the
mine production process. Changes in estimates, which mainly affect unit-of-production calculations, are accounted for prospectively. Depreciation commences
when assets are available for use. Land is not depreciated.
The average expected useful lives are as follows:
Years
Buildings 8
Plant and equipment 10
Mining properties and development costs
1
8
Other assets 4
1 Depreciation of mining properties and development cost are determined using the unit-of-production method.
An item of property, plant and equipment is de-recognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain
or loss arising at de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included
in the income statement in the year that the asset is de-recognised.
Non-current assets or disposal groups are classified as held for sale when it is expected that the carrying amount of the asset will be recovered principally
through sale rather than through continuing use. Assets are not depreciated when classified as held for sale.
Disposal of assets
Gains or losses from the disposal of assets are recognised in the income statement when all significant risks and rewards of ownership are transferred to
the customer, usually when title has been passed.
Mining properties and development costs
Payments for mining concessions are expensed during the exploration phase of a prospect and capitalised during the development of the project
when incurred.
Purchased rights to ore reserves and mineral resources are recognised as assets at their cost of acquisition or at fair value if purchased as part
of a business combination.
Mining concessions, when capitalised, are amortised on a straight-line basis over the period of time in which benefits are expected to be obtained from that
specific concession.
Mine development costs are capitalised as part of property, plant and equipment. Mine development activities commence once a feasibility study has been
performed for the specific project. When an exploration prospect has entered into the advanced exploration phase and sufficient evidence of the probability
of the existence of economically recoverable minerals has been obtained pre-operative expenses relating to mine preparation works are also capitalised as a
mine development cost.
Notes to the consolidated financial statements continued
The initial cost of a mining property comprises its construction cost, any costs directly attributable to bringing the mining property into operation, the initial estimate of the provision for mine closure cost, and, for qualifying assets, borrowing costs. The Group cease the capitalisation of borrowing cost when the physical construction of the asset is complete and is ready for its intended use. Ore generated as part of the development stage may be processed and sold, giving rise to revenue before the commencement of commercial production. Where such processing is necessary to bring mining assets into the condition required for their intended use (for example, in testing the plants at the mining unit in development), revenues from metals recovered from such activities are recognised in profit or loss. Upon commencement of production, capitalised expenditure is depreciated using the unit-of-production method based on the estimated economically proven and probable reserves to which they relate. Mining properties and mine development are stated at cost, less accumulated depreciation and impairment in value, if any. Construction in progress Assets in the course of construction are capitalised as a separate component of property, plant and equipment. On completion, the cost of construction is transferred to the appropriate category of property, plant and equipment. The cost of construction in progress is not depreciated. Subsequent expenditures All subsequent expenditure on property, plant and equipment is capitalised if it meets the recognition criteria, and the carrying amount of those parts that are replaced, is de-recognised. All other expenditure including repairs and maintenance expenditure is recognised in the income statement as incurred. Stripping costs In a surface mine operation, it is necessary to remove overburden and other waste material in order to gain access to the ore bodies (stripping activity). During development and pre-production phases, the stripping activity costs are capitalised as part of the initial cost of development and construction of the mine (the stripping activity asset) and charged as depreciation or depletion to cost of sales, in the income statement, based on the mine\u2019s units of production once commercial operations begin. Removal of waste material normally continues throughout the life of a surface mine. At the time that saleable material begins to be extracted from the surface mine the activity is referred to as production stripping. Production stripping cost is capitalised only if the following criteria are met: \u2022 It is probable that the future economic benefits (improved access to an ore body) associated with the stripping activity will flow to the Group; \u2022 The Group can identify the component of an ore body for which access has been improved; and \u2022 The costs relating to the improved access to that component can be measured reliably. If not all of the criteria are met, the production stripping costs are charged to the income statement as operating costs as they are incurred. Stripping activity costs associated with such development activities are capitalised into existing mining development assets, as mining properties and development cost, within property, plant and equipment, using a measure that considers the volume of waste extracted compared with expected volume, for a given volume of ore production. This measure is known as \u2018component stripping ratio\u2019, which is revised annually in accordance with the mine plan. The amount capitalised is subsequently depreciated over the expected useful life of the identified component of the ore body related to the stripping activity asset, by using the units of production method. The identification of components and the expected useful lives of those components are evaluated as new information of reserves and resources is available. Depreciation is recognised as cost of sales in the income statement. The capitalised stripping activity asset is carried at cost less accumulated depletion/depreciation, less impairment, if any. Cost includes the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of ore, plus an allocation of directly attributable overhead costs. The costs associated with incidental operations are excluded from the cost of the stripping activity asset. (f) Impairment of non-financial assets The carrying amounts of non-financial assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. At each reporting date, an assessment is made to determine whether there are any indicators of impairment. If there are indicators of impairment, an exercise is undertaken to determine whether carrying values are in excess of their recoverable amount. Such reviews are undertaken on an asset by asset basis, except where such assets do not generate cash flows independent of those from other assets or groups of assets, and then the review is undertaken at the cash generating unit level. If the carrying amount of an asset or its cash generating unit exceeds the recoverable amount, a provision is recorded to reflect the asset at the recoverable amount in the balance sheet. Impairment losses are recognised in the income statement. The recoverable amount of an asset The recoverable amount of an asset is the greater of its value in use and fair value less costs of disposal. In assessing value in use, 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. The cash flows used to determine the recoverable amount of mining assets are based on the mine plan for each mine. The mine plan is determined based on the estimated and economically proven and probable reserves, as well as certain other resources that are assessed as highly likely to be converted into reserves. Fair value less cost of disposal is based on an estimate of the amount that the Group may obtain in an orderly sale transaction between market participants. For an asset that does not generate cash inflows largely independently of those from other assets, or groups of assets, the recoverable amount is determined for the cash generating unit to which the asset belongs. The Group\u2019s cash generating units are the smallest identifiable groups of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. 2. Significant accounting policies continued Reversal of impairment An assessment is made each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the Group makes an estimate of the recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in estimates used to determine the asset\u2019s recoverable amount since the impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to the recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in previous years. Such impairment loss reversal is recognised in the income statement. (g) Financial assets and liabilities Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 those to be measured at amortised cost; \u2022 those to be measured subsequently at fair value through OCI; and \u2022 those to be measured subsequently at fair value through profit or loss. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date i.e. the date that the Group commits to purchase or sell the asset. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. Classification The Group holds the following financial assets: Amortised cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The Group\u2019s financial assets at amortised cost include receivables (other than trade receivables which are measured at fair value through profit and loss). Equity instruments designated as fair value through other comprehensive income Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its listed equity investments under this category. Fair value through profit or loss Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement of profit or loss as applicable. The Group\u2019s trade receivables and derivative financial instruments, including the Silverstream contract, are classified as fair value through profit or loss. Notes to the consolidated financial statements continued De-recognition of financial assets Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For receivables (other than trade receivables which are measured at FVPL), the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Financial liabilities The Group classifies its financial liabilities as follows: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative financial instruments. Classification For purposes of subsequent measurement, financial liabilities held by the Group are classified as financial liabilities as amortised cost. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. De-recognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. (h) Inventories Finished goods, work in progress and ore stockpile inventories are measured at the lower of cost and net realisable value. Cost is determined using the weighted average cost method based on cost of production which excludes borrowing costs. For this purpose, the costs of production include: \u2022 personnel expenses, which include employee profit sharing; \u2022 materials and contractor expenses which are directly attributable to the extraction and processing of ore; \u2022 the depreciation of property, plant and equipment used in the extraction and processing of ore; and \u2022 related production overheads (based on normal operating capacity). Work in progress inventory comprises ore in leaching pads as processing is required to extract benefit from the ore. The recovery of gold is achieved through the heap leaching process. The leaching process may take months to obtain the expected metal recovery and mainly depends on the continuity of the leaching process. When the ore in leaching pads is in active leaching, it is classified as current. When the leaching process has stopped and not expected to restart within 12 months, ore in the leaching pads affected is classified as non-current. Operating materials and spare parts are valued at the lower of cost or net realisable value. An allowance for obsolete and slow-moving inventories is determined by reference to specific items of stock. A regular review is undertaken by management to determine the extent of such an allowance. Net realisable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and disposal. (i) Cash and cash equivalents For the purposes of the balance sheet, cash and cash equivalents comprise cash at bank, cash on hand and short-term deposits held with banks that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. Short-term deposits earn interest at the respective short-term deposit rates between one day and three months. 2. Significant accounting policies continued
(j) Provisions
Mine closure cost
A provision for mine closure cost is made in respect of the estimated future costs of closure, restoration and for environmental rehabilitation costs (which
include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) based on a mine closure plan,
in the accounting period when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included within
finance costs. At the time of establishing the provision, a corresponding asset is capitalised where it gives rise to a future economic benefit and is depreciated
over future production from the mine to which it relates. The provision is reviewed on an annual basis by the Group for changes in cost estimates, discount
rates or life of operations. Changes to estimated future costs are recognised in the balance sheet by adjusting the mine closure cost liability and the related
asset originally recognised. If, for mature mines, the revised mine assets net of mine closure cost provisions exceed the recoverable value, the portion of the
increase is charged directly as an expense. For closed sites, changes to estimated costs are recognised immediately in profit or loss.
(k) Employee benefits
The Group operates the following plans for its employees based on Mexico:
Defined benefit pension plan
This funded plan is based on each employee\u2019s earnings and years of service. This plan was open to all employees in Mexico until it was closed to new entrants on
1 July 2007. The plan is denominated in Mexican Pesos. For members as at 30 June 2007, benefits were frozen at that date subject to indexation with reference
to the Mexican National Consumer Price Index (NCPI).
The present value of defined benefit obligations under the plan is determined using the projected unit credit actuarial valuation method and prepared by an
external actuarial firm as at each year end balance sheet date. The discount rate is the yield on bonds that have maturity dates approximating the terms of the
Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. Actuarial gains or losses are recognised in OCI
and permanently excluded from profit or loss.
Past service costs are recognised when the plan amendment or curtailment occurs and when the entity recognises related restructuring costs or
termination benefits.
The defined benefit asset or liability comprises the present value of the defined benefit obligation less the fair value of plan assets out of which the obligations
are to be settled directly. The value of any asset is restricted to the present value of any economic benefits available in the form of refunds from the plan or
reductions in the future contributions to the plan.
Net interest cost is recognised within finance cost and return on plan assets (other than amounts reflected in net interest cost) is recognised in OCI and
permanently excluded from profit or loss.
Defined contribution pension plan
A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and has no legal or
constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit
expense in profit or loss when they are due. The contributions are based on the employee\u2019s salary.
This plan started on 1 July 2007 and it is voluntary for all employees to join this scheme.
Seniority premium for voluntary separation
This unfunded plan corresponds to an additional payment over the legal seniority premium equivalent to approximately 12 days of salary per year for those
unionised workers who have more than 15 years of service. Non-unionised employees with more than 15 years of service have the right to a payment equivalent
to 12 days for each year of service. For both cases, the payment is based on the legal current minimum salary.
The cost of providing benefits for the seniority premium for voluntary separation is determined using the projected unit credit actuarial valuation method and
prepared by an external actuarial firm as at each year end balance sheet date. Actuarial gains or losses are recognised as income or expense in the period in
which they occur.
Other
Benefits for death and disability are covered through insurance policies.
Termination payments for involuntary retirement (dismissals) are charged to the income statement, when incurred.
(l) Employee profit sharing
In accordance with the Mexican legislation, companies in Mexico are subject to pay for employee profit sharing (\u2018PTU\u2019) equivalent to ten percent of the taxable
income of each fiscal year capped to three months of salary or average of the profit sharing paid in the last three years.
PTU is accounted for as employee benefits and is calculated based on the services rendered by employees during the year, considering their most recent
salaries. The liability is recognised as it accrues and is charged to the income statement. PTU, paid in each fiscal year, is deductible for income tax purposes.
Notes to the consolidated financial statements continued
(m) Leases Group as a lessee The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payment that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Variable lease payments that are not linked to price changes due to changes in a market rate or the value of an index and are linked to future performance or use of an underlying asset are not included in the measurement of the lease liability. Such cost are recognised in profit and loss as incurred. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment. (n) Revenue from contracts with customers Revenue is recognised when control of goods or services transfers to the customer based on the performance obligations settle in the contracts with customers. Sale of goods Revenue associated with the sale of concentrates, dor\u00e9, slag, precipitates and activated carbon (the products) is recognised when control of the asset sold is transferred to the customer. Indicators of control transferring include an unconditional obligation to pay, legal title, physical possession, transfer of risk and rewards and customer acceptance. This generally occurs when the goods are delivered to the customer\u2019s smelter or refinery agreed with the buyer; at which point the buyer controls the goods. Inventory in transit to the smelter or refinery does not represent a significant proportion of total revenue at the end of the reporting period given the distance to the mine units. The revenue is measured at the amount to which the Group expects to be entitled, being the estimate of the price expected to be received in the expected month of settlement and the Group\u2019s estimate of metal quantities based on assay data, and a corresponding trade receivable is recognised. Any future changes that occur before settlement are embedded within the provisionally priced trade receivables and are, therefore, within the scope of IFRS 9 and not within the scope of IFRS 15. Given the exposure to the commodity price, these provisionally priced trade receivables will fail the cash flow characteristics test within IFRS 9 and will be required to be measured at fair value through profit or loss up from initial recognition and until the date of settlement. These subsequent changes in fair value are recognised in revenue but separately from revenue from contracts with customers. Sales contracts with our customer establish that for products other than refined silver and gold, refining and treatment charges are deducted from revenue from sales of products. Refining and treatment charges represent an element of the cost that will be incurred by our customer in processing the products further to extract the metal content for onward sale to its customers. 2. Significant accounting policies continued (o) Exploration expenses Exploration activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration expenses are charged to the income statement as incurred and are recorded in the following captions: \u2022 Cost of sales: costs relating to in-mine exploration, that ensure continuous extraction quality and extend mine life; and \u2022 Exploration expenses: - Costs incurred in geographical proximity to existing mines in order to replenish or increase reserves. - Costs incurred in regional exploration with the objective of locating new ore deposits in Mexico and Latin America and which are identified by project. - Costs incurred are charged to the income statement until there is sufficient probability of the existence of economically recoverable minerals and a feasibility study has been performed for the specific project from which time further expenses are capitalised as exploration costs on balance sheet as Property, plant and equipment. (p) Selling expenses The Group recognises in selling expenses a levy in respect of the Extraordinary Mining Right as sales of gold and silver are recognised. The Extraordinary Mining Right consists of a 0.5% rate, applicable to the owners of mining titles. The payment must be calculated over the total sales of all mining concessions. The payment of this mining right must be remitted no later than the last business day of March of the following year and can be credited against corporate income tax. The Group also recognises in selling expenses a discovery premium royalty equivalent to 1% of the value of the mineral extracted and sold during the year from certain mining titles granted by the Mexican Geological Survey (SGM) in the San Juli\u00e1n mine. The premium is settled to SGM on a quarterly basis. (q) Taxation Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the country the Group operates. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2022 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of transaction, affects neither the accounting profit nor taxable profit loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 where the deferred income tax asset relating to deductible temporary differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in other comprehensive income is recognised in equity and not in the income statement. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Mining Rights The Special Mining Right is considered an income tax under IFRS and states that the owners of mining titles and concessions are subject to pay an annual mining right of 7.5% of the profit derived from the extractive activities (see note 11 (e)). The Group recognises deferred tax assets and liabilities on temporary differences arising in the determination of the Special Mining Right (see note 11). Notes to the consolidated financial statements continued Sales tax Expenses and assets are recognised net of the amount of sales tax, except when the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet. (r) Derivative financial instruments and hedging The Group uses derivatives to reduce certain market risks derived from changes in foreign exchange and commodities price which impact its financial and business transactions. Hedges are designed to protect the value of expected production against the dynamic market conditions. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. The full fair value of a derivative is classified as non-current asset or liability if the remaining maturity of the item is more than 12 months. Any gains or losses arising from changes in fair value on derivatives during the year that do not qualify for hedge accounting are taken directly to the income statement as finance income or finance cost respectively. Derivatives are valued using valuation approaches and methodologies (such as Black Scholes and Net Present Value) applicable to the specific type of derivative instrument. The fair value of forward currency and commodity contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles, European foreign exchange options are valued using the Black Scholes model. The Silverstream contract is valued using a Net Present Value valuation approach. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges which meet the criteria for hedge accounting are accounted for as follows: Cash flow hedges For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivative instruments is recorded as in other comprehensive income and are transferred to the income statement when the hedged transaction affects profit or loss, such as when a forecast sale or purchase occurs. For gains or losses related to the hedging of foreign exchange risk these are included, in the line item in which the hedged costs are reflected. Where the hedged item is the cost of a non-financial asset or liability, the amounts recognised in other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability. This is not a reclassification adjustment and will not be recognised in OCI for the period. The ineffective portion of changes in the fair value of cash flow hedges is recognised directly as finance costs, in the income statement of the related period. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss recognised directly in other comprehensive income from the period that the hedge was effective remains separately in other comprehensive income until the forecast transaction occurs, when it is recognised in the income statement. 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 income statement. When hedging with options, the Group designates only the intrinsic value movement of the hedging option within the hedge relationship. The time value of the option contracts is therefore excluded from the hedge designation. In such cases, changes in the time value of options are initially recognised in OCI as a cost of hedging. Where the hedged item is transaction related, amounts initially recognised in OCI related to the change in the time value of options are reclassified to profit or loss or as a basis adjustment to non-financial assets or liabilities upon maturity of the hedged item, or, in the case of a hedged item that realises over time, the amounts initially recognised in OCI are amortised to profit or loss on a systematic and rational basis over the life of the hedged item. When hedging with forward contracts, the forward element is included in the designation of the financial instrument. Therefore, there is no cost of hedging in relation to forward contracts. (s) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes 12 or more months to get ready for its intended use or sale (a qualifying asset) are capitalised as part of the cost of the respective asset. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Where funds are borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where surplus funds are available for a short term from funds borrowed specifically to finance a project, the income generated from the temporary investment of such amounts is also capitalised and deducted from the total capitalised borrowing cost. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the period. All other borrowing costs are recognised in the income statement in the period in which they are incurred. 2. Significant accounting policies continued (t) Fair value measurement The Group measures financial instruments at fair value at each balance sheet date. Fair values of financial instruments measured at amortised cost are disclosed in notes 30 and 30 (b). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 In the principal market for the asset or liability; or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. Further information on fair values is described in note 30. (u) Dividend distribution Dividends on the Company\u2019s Ordinary Shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s discretion. Accordingly, interim dividends are recognised when they are paid and final dividends are recognised when they are declared following approval by shareholders at the Company\u2019s Annual General Meeting. 3. Segment reporting For management purposes, the Group is organised into operating segments based on producing mines. At 31 December 2022, the Group has seven reportable operating segments as follows: \u2022 The Fresnillo mine, located in the state of Zacatecas, an underground silver mine; \u2022 The Saucito mine, located in the state of Zacatecas, an underground silver mine; \u2022 The Ci\u00e9nega mine, located in the state of Durango, an underground gold mine; \u2022 The Herradura mine, located in the state of Sonora, a surface gold mine; \u2022 The Noche Buena mine, located in state of Sonora, a surface gold mine; \u2022 The San Juli\u00e1n mine, located on the border of Chihuahua/Durango states, an underground silver-gold mine; and \u2022 The Juanicipio mine, in the State of Zacatecas, an underground silver mine. 1 1 The Juanicipio mine is now considered as a segment due to the commencement of its operations and its contribution to the Group\u2019s revenues and segment profit. Accordingly, the comparative segment information has been restated to reflect this change. The operating performance and financial results for each of these mines are reviewed by management. As the Group\u00b4s chief operating decision-maker does not review segment assets and liabilities, the Group has not disclosed this information. Management monitors the results of its operating segments separately for the purpose of performance assessment and making decisions about resource allocation. Segment performance is evaluated without taking into account certain adjustments included in Revenue as reported in the consolidated income statement, and certain costs included within Cost of sales and Gross profit which are considered to be outside of the control of the operating management of the mines. The table below provides a reconciliation from segment profit to Gross profit as per the consolidated income statement. Other income and expenses included in the consolidated income statement are not allocated to operating segments. Transactions between reportable segments are accounted for on an arm\u2019s length basis similar to transactions with third parties. In 2022 and 2021, all revenue was derived from customers based in Mexico. Notes to the consolidated financial statements continued Operating segments
The following tables present revenue and profit information regarding the Group\u2019s operating segments for the year ended 31 December 2022 and 2021,
respectively. Revenues for the year ended 31 December 2022 and 2021 include those derived from contracts with costumers and other revenues, as showed
in note 5.
Year ended 31 December 2022
US$ thousands
Fresnillo Herradura Ci\u00e9nega Saucito
Noche
Buena San Juli\u00e1n Juanicipio
4
Other
5
Adjustments
and
eliminations Total
Revenues:
Third party
1
503,759 634,438 169,504 594,250 142,733 392,084 (3,778) 2,432,990
Inter-segment 215,736 148,362 (364,098) \u2013
Segment revenues 503,759 634,438 169,504 594,250 142,733 392,084 215,736 148,362 (367,876) 2,432,990
Segment profit
2
197,043 127,919 39,551 197,791 44,436 190,842 154,544 106,275 (12,203) 1,046,198
Depreciation and amortisation (500,569)
Employee profit sharing (9,609)
Gross profit as per the
income statement 536,020
Capital expenditure
3
106,579 105,322 47,019 117,989 424 64,490 149,629 677 \u2013 592,129
1 Adjustments and eliminations correspond to hedging loss (note 5).
2 Segment profit excluding foreign exchange hedging gains, depreciation and amortisation and employee profit sharing. Segment profit for Fresnillo and Saucito considers the sales and the corresponding
processing cost of the ore from Juanicipio.
3 Capital expenditure represents the cash outflow including interest capitalised in respect of additions to property, plant and equipment, such as mine development, construction of leaching pads and purchase
of mine equipment, excluding additions relating to changes in the mine closure provision. Significant additions include stripping cost at Herradura mine and purchase of mobile equipment at Juanicipio and
Saucito mines.
4 The ore production of Juanicipio mine has been processed through Fresnillo and Saucito facilities.
5 Other inter-segment revenue corresponds to leasing services provided by Minera Bermejal, S.A. de C.V; capital expenditure mainly corresponds to Minera Bermejal, S. de R.L. de C.V.
Year ended 31 December 2021
US$ thousands
Fresnillo Herradura Ci\u00e9nega Saucito
Noche
Buena San Juli\u00e1n Juanicipio
4
Other
5
Adjustments
and
eliminations Total
Revenues:
Third party
1
493,582 769,896 215,623 547,294 168,849 509,247 (1,396) 2,703,095
Inter-segment 75,393 72,334 (147,727) \u2013
Segment revenues 493,582 769,896 215,623 547,294 168,849 509,247 75,393 72,334 (149,123) 2,703,095
Segment profit
2
224,558 285,354 106,498 321,349 77,158 322,734 60,473 83,533 (4,800) 1,476,857
Foreign exchange hedging losses 3,827
Depreciation and amortisation (528,206)
Employee profit sharing (15,553)
Gross profit as per the
income statement 936,925
Capital expenditure
3
108,335 54,371 45,392 101,160 381 40,922 241,491 \u2013 592,052
1 Adjustments and eliminations correspond to hedging loss (note 5).
2 Segment profit excluding foreign exchange hedging gains, depreciation and amortisation and employee profit sharing. Segment profit for Fresnillo and Saucito considers the sales and the corresponding
processing cost of the ore from Juanicipio.
3 Capital expenditure represents the cash outflow including interest capitalised in respect of additions to property, plant and equipment, such as mine development, construction of leaching pads and purchase of
mine equipment, excluding additions relating to changes in the mine closure provision. Significant additions include the construction of the leaching plant at Fresnillo and the facilities of the Juanicipio mine.
4 The ore production of Juanicipio mine has been processed through Fresnillo and Saucito facilities.
5 Other inter-segment revenue corresponds to leasing services provided by Minera Bermejal, S.A. de C.V; capital expenditure mainly corresponds to Minera Bermejal, S. de R.L. de C.V.
4. Group information
The list of the Company\u2019s subsidiaries included in the consolidated financial statements and its principal activities are shown in note 5 on the Parent Company\u2019s
separate financial statements.
(a) Material partly-owned subsidiaries
The table below shows the detail of non-wholly owned subsidiaries of the Group that have non-controlling interests:
Portion of ownership interest
held by non-controlling interest
Profit (loss) allocated
to non-controlling interest
Accumulated
non-controlling interest
31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21
Minera Juanicipio, S. A. de C.V. 44% 44% 31,398 15,621 160,046 128,742
Equipos Chaparral, S. A. de C.V. 44% 44% 5,105 249 69,561 54,122
Other subsidiaries with non-controlling interests not considered to be material \u2013 \u2013 (109) 1,417 1,599 1,684
Set out below is the summarised financial information for each subsidiary that has non-controlling interests that are material to the Group. Figures are
presented in thousands of US dollars unless otherwise indicated.
Summarised income statement for the year ended 31 December 2022 and 2021
Minera Juanicipio, S. A. de C.V. Equipos Chaparral, S. A. de C.V.
31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21
Revenue 215,736 75,393 \u2013 \u2013
Profit before income tax 100,635 56,706 5,390 146
Income tax (charge)/credit (29,277) (21,205) 6,212 421
Profit for the year for continuing operations 71,358 35,501 11,602 567
Other comprehensive (loss)/income (248) (38) 31 455
Total comprehensive income 71,110 35,463 11,633 1,022
Attributable to non-controlling interests 31,288 15,604 5,119 449
Dividends paid to non-controlling interests \u2013 \u2013 \u2013 \u2013
Summarised statement of financial position as at 31 December 2022 and 2021
Minera Juanicipio, S. A. de C.V. Equipos Chaparral, S. A. de C.V.
31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21
Current
Assets 77,596 90,086 13,226 35,911
Liabilities 80,984 284,340 31,299 44,651
Total current net assets/(liabilities) (3,388) (194,254) (18,073) (8,740)
Non-current
Assets 630,418 486,849 202,263 131,745
Liabilities 263,290 \u2013 26,097 \u2013
Total non-current net assets 367,128 486,849 176,166 131,745
Net assets 363,740 292,595 158,093 123,005
Attributable to:
Equity holders of parent 203,694 163,853 88,532 68,883
Non-controlling interest 160,046 128,742 69,561 54,122
Summarised cash flow information for the year ended 31 December 2022 and 2021
Minera Juanicipio, S. A. de C.V. Equipos Chaparral, S. A. de C.V.
31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21
Operating 127,113 55,540 (28,354) \u2013
Investing (115,961) (254,830) 261 \u2013
Financing (24,777) 166,480 23,663 \u2013
Net decrease in cash and cash equivalents (13,625) (32,810) (4,430) \u2013
Notes to the consolidated financial statements continued
5. Revenues
Revenues reflect the sale of goods, being concentrates, dor\u00e9, slag, precipitates and activated carbon of which the primary contents are silver, gold, lead
and zinc.
(a) Revenues by source
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Revenues from contracts with customers 2,440,063 2,705,720
Revenues from other sources:
Provisional pricing adjustment on products sold (3,302) (1,274)
Hedging loss on sales (3,771) (1,351)
2,432,990 2,703,095
(b) Revenues by product sold
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Lead concentrates (containing silver, gold, lead and by-products) 1,090,735 1,157,623
Dor\u00e9 and slag (containing gold, silver and by-products) 648,002 806,289
Zinc concentrates (containing zinc, silver and by-products) 326,912 346,892
Precipitates (containing gold and silver) 238,171 259,835
Activated carbon (containing gold, silver and by-products) 129,170 132,456
2,432,990 2,703,095
(c) Value of metal content in products sold
Invoiced revenues are derived from the value of metal content which is determined by commodity market prices and adjusted for the treatment and refining
charges to be incurred by the metallurgical complex of our customer. The value of the metal content of the products sold, before treatment and refining
charges is considered as an alternative performance measure for the Group. The Group considers this a useful additional measure to help understand
underlying factors driving revenue in terms of volumes sold and realised prices. The value of production sold by metal is as follows:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Silver 1,089,189 1,163,879
Gold 1,114,168 1,305,277
Zinc 283,453 259,987
Lead 106,640 117,448
Value of metal content in products sold 2,593,450 2,846,591
Refining and treatment charges (160,460) (143,496)
Total revenues
1
2,432,990 2,703,095
1 Includes provisional price adjustments which represent changes in the fair value of trade receivables resulting in a loss of US$3.3 million (2021: loss of US$1.2 million) and hedging loss of US$3.8 million (2021:
loss of US$1.4 million). For further detail, refer to note 2(n).
The average realised prices for the gold and silver content of products sold, prior to the deduction of treatment and refining charges, were:
Year ended 31 December
2022
US$ per ounce
2021
US$ per ounce
Gold
2
1,799.26 1,794.96
Silver
2
21.72 24.87
2 For the purpose of the calculation, revenue by content of products sold does not include the results from hedging.
6. Cost of sales
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Depreciation and amortisation 500,569 528,206
Contractors 367,003 403,568
Energy 231,505 233,667
Operating materials 269,720 221,773
Maintenance and repairs 252,907 199,264
Personnel expenses (note 8) 175,508 135,758
Mine equipment leased
1
48,991 \u2013
Mining concession rights and contributions 22,044 20,266
Surveillance 18,741 9,832
Insurance 11,069 9,628
Freight 11,843 8,433
IT services 11,401 6,034
Other 34,675 22,250
Cost of production 1,955,976 1,798,679
Unabsorbed production costs
2
2,592 956
Gain on foreign currency hedges \u2013 (3,827)
Change in work in progress and finished goods (ore inventories) (61,598) (29,638)
1,896,970 1,766,170
1 Corresponds to mine equipment leased to contractors, the lease payments are based on a variable rate linked to the usage of the assets.
2 Corresponds to costs incurred in Juanicipio plant activities (note 2 (c)) (2021: Corresponds to production cost incurred in Minera San Juli\u00e1n as a result of a plant stoppage).
7. Exploration expenses
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Contractors 111,981 89,842
Mining concession rights and contributions 25,570 21,790
Administrative services 2,086 4,614
Personnel expenses (note 8) 10,779 6,425
Assays 6,269 1,783
Rentals 603 468
Other 8,502 5,369
165,790 130,291
These exploration expenses were mainly incurred in the operating mines located in Mexico; the Guanajuato, Orisyvo and Valles projects; and the Mexico Nuevo
and Tajitos prospects. Exploration expenses of US$17.9 million (2021: US$14.5 million) were incurred in the year on projects located in Peru and Chile.
The following table sets forth liabilities (generally trade payables) corresponding to exploration activities of the Group companies engaged only in exploration,
principally Exploraciones Mineras Parre\u00f1a, S.A. de C.V.
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Liabilities related to exploration activities 70 348
The liabilities related to exploration activities recognised by the Group operating companies are not included since it is not possible to separate the liabilities
related to exploration activities of these companies from their operating liabilities.
Notes to the consolidated financial statements continued
Cash flows relating to exploration activities are as follows:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Operating cash out flows related to exploration activities 166,068 130,915
8. Personnel expenses
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Salaries and wages 87,534 66,488
Statutory healthcare and housing contributions 32,856 23,771
Employees\u2019 profit sharing 9,841 16,662
Other benefits 26,458 18,679
Bonuses 19,752 14,906
Social security 257 5,777
Post-employment benefits 8,792 4,300
Vacations and vacations bonus 5,448 3,262
Training 3,749 2,867
Legal contributions 4,202 2,130
Other 3,451 4,028
202,340 162,870
(a) Personnel expenses are reflected in the following line items:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Cost of sales (note 6) 175,508 135,758
Administrative expenses 16,053 20,687
Exploration expenses (note 7) 10,779 6,425
202,340 162,870
(b) The monthly average number of employees during the year was as follows:
Year ended 31 December
2022
No.
2021
No.
Mining 3,967 2,883
Plant 1,074 1,032
Exploration 265 432
Maintenance 1,382 1,259
Administration and other 1,237 1,062
Total 7,925 6,668
9. Other operating income and expenses
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Other income:
Gain on sale of property, plant and equipment and other assets \u2013 5,026
Layback Agreement (note 2 (c)) 67,182 \u2013
Rentals 767 1,802
Other 3,911 5,086
71,860 11,914
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Other expenses:
Write-off of assets
1
11,315 \u2013
Maintenance
2
2,939 3,663
Donations 8,794 538
Environmental activities
3
2,997 4,813
Saucito rehabilitation cost for mine flood \u2013 4,803
Cost of insurance claims 4,246 1,422
Consumption tax expensed 2,073 1,183
Other 6,391 6,824
38,755 23,246
1 Mainly correspond to mobile equipment damage and mining works collapsed.
2 Costs relating to the rehabilitation of the facilities of Compa\u00f1\u00eda Minera las Torres, S.A. de C.V. (a closed mine).
3 Main activities were related with the evaluation of improvement in tailing dams in Fresnillo and Ci\u00e9nega and closure activities in the San Ram\u00f3n satellite mine (closed at the end of 2020) (2021: main activities
were related with the evaluation of improvement in tailing dams in Fresnillo and Ci\u00e9nega).
10. Finance income and finance costs
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Finance income:
Interest on short-term deposits and investments 20,956 5,167
Interest on tax receivables 4,507 3,637
Other 997 70
26,460 8,874
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Finance costs:
Interest on interest-bearing loans and notes payables 51,395 48,888
Interest on tax amendments (note 11) 11,519 \u2013
Interest on lease liabilities 720 504
Unwinding of discount on provisions 15,243 11,522
Other 2,744 836
81,621 61,750
Notes to the consolidated financial statements continued
11. Income tax expense
a) Major components of income tax expense:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Consolidated income statement:
Corporate income tax
Current:
Income tax charge 134,896 268,945
Amounts under provided in previous years (1,710) 7,696
133,186 276,641
Deferred:
Origination and reversal of temporary differences (206,196) (120,043)
Revaluation effects of Silverstream contract 5,636 (125)
(200,560) (120,168)
Corporate income tax (67,374) 156,473
Special mining right
Current:
Special mining right charge (note 11 (e)) 38,230 53,147
Amounts under provided in previous years 1,954 363
40,184 53,510
Deferred:
Origination and reversal of temporary differences (32,530) (36,947)
Special mining right 7,654 16,563
Income tax expense reported in the income statement (59,720) 173,036
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Consolidated statement of comprehensive income:
Deferred income tax (charge)/credit related to items recognised directly in other comprehensive income:
Gain on cash flow hedges recycled to income statement (1,131) 743
Changes in fair value of cash flow hedges (184) 298
Changes in the fair value of cost of hedges 414 1,619
Changes in fair value of equity investments at FVOCI 1,714 14,415
Remeasurement losses on defined benefit plans 114 (908)
Income tax effect reported in other comprehensive income 927 16,167
Following conversations held by the Company with the Servicio de Admnistracion Tributario (SAT) regarding its income tax audits for the year 2014, 2015 and
2016 at Desarrollos Mineros Fresne, the Group decided to voluntarily amend the income tax and mining right\u00b4s treatment of: (i) the stripping costs; and (ii) the
deduction of exploration expenses.
These amendments were applied to tax returns from 2014 to 2021 (for the year 2021 the amendment also included Minera Penmont as the merging entity of
Desarrollos Mineros Fresne) and resulted in an increase in the current corporate income tax charge of US$3.2 million and current special mining right charge of
US$2.7 million and a recoverable income tax balance of US$3.2 million.This effect was offset by a decrease in deferred corporate income tax of US$3.4 million.
The amendment also resulted in US$11.5 million of interest and surcharges presented in finance costs.
11. Income tax expense continued
(b) Reconciliation of the income tax expense at the Group\u2019s statutory income rate to income tax expense at the Group\u2019s effective income tax rate:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Accounting profit before income tax 248,571 611,532
Tax at the Group\u2019s statutory corporate income tax rate 30.0% 74,571 183,460
Expenses not deductible for tax purposes 7,045 3,442
Inflationary uplift of the tax base of assets and liabilities (62,666) (49,389)
Current income tax (over)/underprovided in previous years 3,107 1,569
Exchange rate effect on tax value of assets and liabilities
1
(72,888) 32,078
Non-taxable/non-deductible foreign exchange effects 1,167 1,892
Inflationary uplift of tax losses (7,843) (4,165)
Inflationary uplift on tax refunds (1,352) (1,732)
Incentive for Northern Border Zone (17,491) (10,077)
Deferred tax asset not recognised 7,893 6,465
Special mining right deductible for corporate income tax (2,296) (4,969)
Other 3,379 (2,101)
Corporate income tax at the effective tax rate of (27.1%) (2021: 25.5%) (67,374) 156,473
Special mining right 7,654 16,563
Tax at the effective income tax rate of (24.02%) (2021: 28.2%) (59,720) 173,036
1 Mainly derived from the tax value of property, plant and equipment.
The most significant items reducing the effect of effective tax rate are inflation effects, exchange rate and the incentive for Norther Border Zone. The future
effects of inflation and exchange rate will depend on future market conditions.
(c) Movements in deferred income tax liabilities and assets:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Opening net liability (1,445) (174,919)
Income statement credit arising on corporate income tax 200,560 120,168
Income statement credit arising on special mining right 32,530 36,947
Exchange difference (4) 192
Net charge related to items directly charged to other comprehensive income 927 16,167
Closing net asset/(liability) 232,568 (1,445)
Notes to the consolidated financial statements continued
The amounts of deferred income tax assets and liabilities as at 31 December 2022 and 2021, considering the nature of the related temporary differences,
are as follows:
Consolidated balance sheet Consolidated income statement
2022
US$ thousands
2021
US$ thousands
2022
US$ thousands
2021
US$ thousands
Related party receivables (158,797) (153,702) 5,095 (113,284)
Other receivables (3,974) (3,247) 727 (45)
Inventories 115,383 97,170 (18,213) 134,414
Prepayments (2,423) (2,872) (449) 1,039
Derivative financial instruments including Silverstream contract (147,887) (153,111) (6,125) (14,352)
Property, plant and equipment arising from corporate income tax 142,241 (50,155) (192,396) (65,896)
Exploration expenses and operating liabilities 91,265 110,989 19,724 (49,890)
Other payables and provisions 74,162 78,092 3,930 (4,386)
Losses carried forward 117,689 90,439 (27,250) (15,396)
Post-employment benefits 1,504 1,034 (356) (38)
Deductible profit sharing 3,095 4,937 1,842 1,516
Special mining right deductible for corporate income tax 10,738 23,692 12,954 (2,037)
Equity investments at FVOCI (16,937) (20,554) (1,903) (975)
Other (11,172) (9,309) 1,860 9,161
Net deferred tax asset related to corporate income tax 214,887 13,403
Deferred tax credit related to corporate income tax (200,560) (120,169)
Related party receivables arising from special mining right (39,541) (38,150) 1,391 9,368
Inventories arising from special mining right 28,685 21,332 (7,353) (4,436)
Property plant and equipment arising from special mining right 7,887 (19,298) (27,185) (20,615)
Other 20,650 21,268 617 (21,264)
Net deferred tax (asset)/liability related to special mining rights 17,681 (14,848)
Deferred tax credit (233,090) (157,116)
Reflected in the statement of financial position as follows:
Deferred tax assets 343,688 67,300
Deferred tax liabilities (111,120) (68,745)
Net deferred tax asset/(liability) 232,568 (1,445)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when
the deferred income tax assets and liabilities relate to the same fiscal authority.
Based on management\u2019s internal forecast, a deferred tax asset of US$117.7 million (2021: US$90.4 million) has been recognised in respect of tax losses
amounting to US$391.6 million (2021: US$301.5 million). If not utilised, US$33.2 million (2021: US$29.5 million) will expire within five years and US$358.4 million
(2021: US$272.0 million) will expire between six and ten years. Of the total deferred tax asset related to losses, US$34.4 million (2021: US$23.3 million) is covered
by the existence of taxable temporary differences, the remaining US$83.3 million (2021: US$67.1 million) corresponds to Fresnillo plc which maintained a
deferred net asset position. The Group has performed an assessment of the recoverability of tax losses before their expiration, thus there is convincing other
evidence that sufficient taxable profit will be available against which the unused tax losses can be utilised.
The Group has further tax losses and other similar attributes carried forward of US$91.9 million (2021: US$72.6 million) on which no deferred tax is recognised
due to insufficient certainty regarding the availability of appropriate future taxable profits. Based on the applicable tax legislation the tax losses are not subject
to expire.
(d) Unrecognised deferred tax on investments in subsidiaries
The Group has not recognised all of the deferred tax liability in respect of distributable reserves of its subsidiaries because it controls them and only part of the
temporary differences is expected to reverse in the foreseeable future. The temporary differences for which a deferred tax liability has not been recognised
aggregate to US$1,006 million (2021: US$1,056 million).
11. Income tax expense continued
(e) Corporate Income Tax (\u2018Impuesto Sobre la Renta\u2019 or \u2018ISR\u2019) and Special Mining Right (\u2018SMR\u2019)
The Group\u2019s principal operating subsidiaries are Mexican residents for taxation purposes. The rate of current corporate income tax is 30%.
On 30 December 2018, the Decree of tax incentives for the northern border region of Mexico was published in the Official Gazette, which provided a reduction
of income tax by a third and also a reduction of 50% of the value added tax rate, for taxpayers that produce income from business activities carried out within
the northern border region. The tax incentives were applicable since 1 January 2019 and remained in force until 31 December 2020. On 30 December 2020 and
extension of the Decree was published in the Official Gazette which remains in force until 31 December 2024. Some of the Group companies which produce
income from business activities carried out within Caborca, Sonora, which is considered for purposes of the Decree as northern border region, applied for this
Decree tax incentives before the Mexican tax authorities, and were granted authorisation for income tax and value added tax purposes.
The \u2018SMR\u2019 states that the owners of mining titles and concessions are subject to pay an annual mining right of 7.5% of the profit derived from the extractive
activities and is considered as income tax under IFRS. For the fiscal year 2021 the SMR allows as a credit the 50% of payment of mining concessions rights up to
the amount of SMR payable within the same legal entity. The 7.5% tax applies to a base of income before interest, annual inflation adjustment, taxes paid on the
regular activity, depreciation and amortisation, as defined by the new ISR. This SMR can be credited against the corporate income tax of the same fiscal year
and its payment must be remitted no later than the last business day of March of the following year.
During the fiscal year ended 31 December 2022, the Group credited US$0.00 million (2021: US$11.5 million) of mining concession rights against the SMR. Total
mining concessions rights paid during the year were US$24.6 million (2021: US$22.9 million) and have been recognised in the income statement within cost
of sales and exploration expenses. Mining concessions rights paid in excess of the SMR cannot be credited to SMR in future fiscal periods, and therefore no
deferred tax asset has been recognised in relation to the excess. Without regards to credits permitted under the SMR regime, the current special mining right
charge would have been US$38.3 million (2021: US$64.6 million).
12. Earnings per share
Earnings per share (\u2018EPS\u2019) is calculated by dividing profit for the year attributable to equity shareholders of the Company by the weighted average number of
Ordinary Shares in issue during the period.
The Company has no dilutive potential Ordinary Shares.
As of 31 December 2022 and 2021, earnings per share have been calculated as follows:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Earnings:
Profit from continuing operations attributable to equity holders of the Company 271,897 421,209
Adjusted profit from continuing operations attributable to equity holders of the Company 258,747 421,500
Adjusted profit is profit as disclosed in the Consolidated Income Statement adjusted to exclude revaluation effects of the Silverstream contract of
US$18.8 million gain (US$13.1 million net of tax) (2021: US$0.4 million loss (US$0.3 million net of tax)).
Adjusted earnings per share have been provided in order to provide a measure of the underlying performance of the Group, prior to the revaluation effects of
the Silverstream contract, a derivative financial instrument.
2022
thousands
2021
thousands
Number of shares:
Weighted average number of Ordinary Shares in issue 736,894 736,894
2022
US$
2021
US$
Earnings per share:
Basic and diluted earnings per share 0.369 0.572
Adjusted basic and diluted earnings per Ordinary Share 0.351 0.572
Notes to the consolidated financial statements continued
13. Property, plant and equipment
Year ended 31 December 2022
3
US$ thousands
Land and
buildings
Plant and
equipment
4
Mining
properties and
development
costs
Other
assets
2
Construction
in progress Total
Cost
At 1 January 2022 354,605 2,641,444 2,457,292 374,211 804,650 6,632,202
Additions 2,971 30,249 11,750 (16,947) 556,509 584,532
Disposals
5
(224) (104,445) (21,999) (7,198) \u2013 (133,866)
Transfers and other movements 55,632 261,672 554,618 27,747 (899,669) \u2013
At 31 December 2022 412,984 2,828,920 3,001,661 377,813 461,490 7,082,868
Accumulated depreciation
At 1 January 2022 (198,653) (1,730,511) (1,692,189) (211,774) \u2013 (3,833,127)
Depreciation for the year
1
(23,647) (176,445) (271,552) (34,861) \u2013 (506,505)
Disposals
5
134 96,472 15,873 6,849 \u2013 119,328
At 31 December 2022 (222,166) (1,810,484) (1,947,868) (239,786) \u2013 (4,220,304)
Net book amount at 31 December 2022 190,818 1,018,436 1,053,793 138,027 461,490 2,862,564
1 Depreciation for the year includes US$501.8 million recognised as an expense in the income statement and US$4.7 million, capitalised as part of construction in progress.
2 From the additions in \u2018other assets\u2019 category US$(27.3) million corresponds to the reassessment of mine closure rehabilitations costs, see note 21.
3 Amounts include Right-of-use assets as described in note 25.
4 The amount of property, plant and equipment related to Soledad & Dipolos at 31 December 2022 is US$35.6 million and reflects capitalised mining works and the amount recognised in the cost of property,
plant and equipment related to estimated remediation and closure activities.
5 From the total net amount of disposals, US$11.3 million correspond to a write of assets as disclosed in note 9.
Year ended 31 December 2021
3
US$ thousands
Land and
buildings
Plant and
equipment
4
Mining
properties and
development
costs
Other
assets
2
Construction
in progress Total
Cost
At 1 January 2021 342,021 2,385,252 2,408,327 356,055 677,035 6,168,690
Additions 8,059 154,908 98,192 12,661 351,614 625,434
Disposals (134) (9,555) (151,807) (426) \u2013 (161,922)
Transfers and other movements 4,659 110,839 102,580 5,921 (223,999) \u2013
At 31 December 2021 354,605 2,641,444 2,457,292 374,211 804,650 6,632,202
Accumulated depreciation
At 1 January 2021 (171,175) (1,540,185) (1,571,948) (177,185) \u2013 (3,460,493)
Depreciation for the year
1
(27,489) (199,392) (271,573) (34,965) \u2013 (533,419)
Disposals 11 9,066 151,332 376 \u2013 160,785
At 31 December 2021 (198,653) (1,730,511) (1,692,189) (211,774) \u2013 (3,833,127)
Net book amount at 31 December 2021 155,952 910,933 765,103 162,437 804,650 2,799,075
1 Depreciation for the year includes US$529.4 million recognised as an expense in the income statement and US$4.6 million, capitalised as part of construction in progress.
2 From the additions in \u2018other assets\u2019 category US$3.9 million corresponds to the reassessment of mine closure rehabilitations costs, see note 21.
3 Amounts include Right-of-use assets as described in note 25.
4 The amount of property, plant and equipment related to Soledad & Dipolos at 31 December 2021 is US$35.4 million and reflects capitalised mining works and the amount recognised in the cost of property,
plant and equipment related to estimated remediation and closure activities.
13. Property, plant and equipment continued The table below details construction in progress by operating mine and development projects. Year ended 31 December 2022 US$ thousands 2021 US$ thousands Saucito 80,566 85,926 Herradura 27,208 29,479 Noche Buena 9,583 9,685 Ci\u00e9nega 53,204 38,976 Fresnillo 186,666 188,146 San Juli\u00e1n 34,203 17,304 Juanicipio 67,228 425,513 Other 1 2,832 9,621 461,490 804,650 1 Mainly corresponds to Minera Bermejal, S.A. de C.V. (2021: Minera Bermejal, S.A. de C.V.). During the year ended 31 December 2022, the Group capitalised US$8.6 million of borrowing costs within construction in progress (2021: US$8.4 million). Borrowing costs were capitalised at the rate of 5.02% (2021: 5.02%). Sensitivity analysis The key assumptions on which management bases the recoverable value calculations of the mining assets are commodity prices, future capital requirements, production costs, reserves and resources volumes (reflected in production volumes) and discount rate. Management considers that the recoverable value models support the carrying amounts of mining assets as at 31 December 2022. The models are most sensitive to changes in commodity price assumptions and production volumes. Other than as disclosed below, management has considered no reasonably possible change in any other key assumption above would cause the carrying value of any of its mining assets to exceed its recoverable amount. In the absence of any changes to any of the other key assumptions, a change in the below assumptions would have the following impact as at 31 December 2022: \u2022 A decrease of 10% in gold and 15% in silver prices would result in an impairment charge of US$318.6 million. \u2022 A decrease of 10% in the forecasted volume of silver produced would result in an impairment charge of US$128.0 million. A decrease of 10% in the forecasted volume of gold produced would not result in an impairment charge. 14. Silverstream contract On 31 December 2007, the Group entered into an agreement with Pe\u00f1oles through which the Group is entitled to receive the proceeds received by the Pe\u00f1oles Group in respect of the refined silver sold from the Sabinas Mine (\u2018Sabinas\u2019), a base-metals mine owned and operated by the Pe\u00f1oles Group, for an upfront payment of US$350 million. In addition, a per ounce cash payment of $2.00 in years one to five and $5.00 thereafter (subject to an inflationary adjustment that commenced from 31 December 2013) is payable to Pe\u00f1oles. The cash payment to Pe\u00f1oles per ounce of silver for the year ended 31 December 2022 was $5.54 per ounce (2021: $5.43 per ounce). Under the contract, the Group has the option to receive a net cash settlement from Pe\u00f1oles attributable to the silver produced and sold from Sabinas, to take delivery of an equivalent amount of refined silver or to receive settlement in the form of both cash and silver. If, by 31 December 2032, the amount of silver produced by Sabinas is less than 60 million ounces, a further payment is due from Pe\u00f1oles of US$1 per ounce of shortfall. The Silverstream contract represents a derivative financial instrument which has been recorded at FVPL and classified within non-current and current assets as appropriate. The term of the derivative is based on Sabinas\u2019 life of mine which is currently 26 years. Changes in the contract\u2019s fair value, other than those represented by the realisation of the asset through the receipt of either cash or refined silver, are charged or credited to the income statement. In the year ended 31 December 2022 total proceeds received in cash were US$33.4 million (2021: US$49.0 million) of which, US$4.8 million was in respect of proceeds receivable as at 31 December 2021 (2021: US$7.7 million in respect of proceeds receivable as at 31 December 2020). Cash received in respect of the year of US$28.5 million (2021: US$41.3 million) corresponds to 2.06 million ounces of payable silver (2021: 2.4 million ounces). As at 31 December 2022, a further US$8.3 million (2021: US$4.8 million) of cash receivable corresponding to 453,158 ounces of silver is due (2021: 274,237 ounces). Notes to the consolidated financial statements continued A reconciliation of the beginning balance to the ending balance is shown below: 2022 US$ thousands 2021 US$ thousands Balance at 1 January 529,544 576,140 Cash received in respect of the year (28,513) (41,338) Cash receivable (8,342) (4,842) Remeasurement gains/(loss) recognised in profit and loss 18,785 (416) Balance at 31 December 511,474 529,544 Less \u2013 Current portion 36,218 35,152 Non-current portion 475,256 494,392 The US$18.8 million unrealised gain recorded in the income statement (31 December 2021: US$0.4 million loss) resulted mainly from an update in the production mine plan with higher reserves, the amortisation effect, and an increase in the forward silver price curve, these effects were partially offset by an increase in the discount rates (SOFR). Significant assumptions used in the valuation of the Silverstream contract are as follows: \u2022 Forecasted volumes (millions of ounces/moz): - Silver to be produced and sold over the life of mine 103.2 moz (2021: 97.4 moz). - Average annual silver to be produced and sold 4.0 moz (2021: 3.5 moz). \u2022 Weighted average discount rate 9.82% (2021: 7.92%). \u2022 Future silver prices (US$ per ounce). Year ended 31 December Year 1 Year 2 Year 3 Year 4 Year 5 Long-term 2022 24.45 25.53 26.22 27.12 27.33 18.81 2021 22.54 22.19 21.90 21.63 21.39 18.51 The fair value of the Silverstream contract is determined using a valuation model including unobservable inputs (Level 3). This derivative has a term of over 26 years and the valuation model utilises several inputs that are not based on observable market data due to the nature of these inputs and/or the duration of the contract. Inputs that have a significant effect on the recorded fair value are the volume of silver that will be produced and sold from the Sabinas mine over the contract life, the future price of silver, future foreign exchange rates between the Mexican peso and US dollar, future inflation and the discount rate used to discount future cash flows. The estimate of the volume of silver that will be produced and sold from the Sabinas mine requires estimates of the recoverable silver reserves and resources, the related production profile based on the Sabinas mine plan and the expected recovery of silver from ore mined. The estimation of these inputs is subject to a range of operating assumptions and may change over time. Estimates of reserves and resources are updated annually by Pe\u00f1oles, the operator and sole interest holder in the Sabinas mine and provided to the Company. The production profile and estimated payable silver that will be recovered from ore mined is based on the operational mine plan, with certain amendments to reflect a basis that a market participant would consider, that is provided to the Company by Pe\u00f1oles. The inputs assume no interruption in production over the life of the Silverstream contract and production levels which are consistent with those achieved in recent years. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs described above and determines their impact on the total fair value. The fair value of the Silverstream contract is significantly sensitive to a reasonably possible change in future silver price. the discount rate used to discount future cash flows and total recoverable resources and reserves over the life of mine. The sensitivity of these key inputs is as follows: Year ended 31 December Commodity price Discount rate Increase/ (decrease) in silver price Effect on profit before tax: increase/ (decrease) US$ thousands Basis point increase/ (decrease) in interest rate Effect on profit before tax: increase/ (decrease) US$ thousands 2022 20% 133,736 100% (41,860) (15%) (100,302) (25%) 11,452 2021 15% 104,419 25% (13,219) (15%) (104,419) \u2013 \u2013 14. Silverstream contract continued
Management considers that an appropriate sensitivity for volumes produced and sold is on the total recoverable reserve and resource quantities over the
contract term rather than annual production volumes over the mine life. Reasonably possible change in total recoverable resources and reserves quantities
over the life of the mine of an increase of approximately 6% would result in an increase in the value of the contract of US$30.6 million (a reduction of 6% in
reserves and resources quantity would decrease the fair value of the contract by US$30.6 million).
The significant unobservable inputs are not interrelated. The Sabinas mine is a polymetallic mine that contains copper, lead and zinc as well as silver, which is
produced as a by-product. Therefore, changes to base metals prices (rather than the price of silver) are most relevant to the Sabinas mine production plans and
the overall economic assessment of the mine.
The effects on profit before tax and equity of reasonably possible changes to the inflation rates and the US dollar exchange rate compared to the Mexican peso
on the Silverstream contract are not material. The Group\u2019s exposure to reasonably possible changes in other currencies is not material.
15. Inventories
As at 31 December
2022
US$ thousands
2021
US$ thousands
Finished goods
1
27,257 19,137
Work in progress
2
375,603 344,805
Ore stockpile
3
26,020 3,234
Operating materials and spare parts 163,947 125,824
592,827 493,000
Allowance for obsolete and slow-moving inventories (5,463) (5,196)
Balance as 31 December 587,364 487,804
Less \u2013 Current portion 495,744 396,184
Non-current portion
4
91,620 91,620
1 Finished goods include metals contained in concentrates and dor\u00e9 bars on hand or in transit to a smelter or refinery.
2 Work in progress includes metals contained in ores on leaching pads for an amount of US$307.6 million (2021: US$316.6 million) and in stockpiles US$58.8 million (2021: US$28.2 million) that will be processed in
dynamic leaching plants (note 2(c)).
3 Ore stockpile includes ore mineral obtained during the development phase at Juanicipio.
4 Non-current inventories relate to ore in leaching pads where the leaching process has stopped and is not expected to restart within twelve months. As at 31 December 2022 and 2021 non-current inventories
corresponds to Soledad & Dipolos mine unit (note 2 (c)).
Concentrates are a product containing sulphides with variable content of precious and base metals and are sold to smelters and/or refineries. Dor\u00e9 is an alloy
containing a variable mixture of gold and silver that is delivered in bar form to refineries. Activated carbon is a product containing variable mixture of gold and
silver that is delivered in small particles.
The amount of inventories recognised as an expense in the year was US$1,906.8 million (2021: US$1,770.3 million). During 2022 and 2021, there was no
adjustment to net realisable value allowance against work-in-progress inventory. The adjustment to the allowance for obsolete and slow-moving inventory
recognised as an expense was US$2.59 million (2021: US$0.1 million).
16. Trade and other receivables
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Trade receivables from related parties (note 27) 275,844 265,473
Value Added Tax receivable 85,979 103,448
Other receivables from related parties (note 27) 8,377 4,886
Other receivables from contractors 52 27
Other receivables 8,697 11,478
Other receivables arising from the Layback Agreement (note 2 (c)) 25,994 16,684
404,943 401,996
Expected credit loss of \u2018Other receivables\u2019 (444) (572)
Trade and other receivables classified as current assets 404,499 401,424
Other receivables classified as non-current assets:
Other receivable from contractors 1,638 \u2013
Value Added Tax receivable 36,820 34,634
Other receivables arising from the Layback Agreement (note 2 (c)) \u2013 23,914
Trade and other receivables classified as non-current assets 38,458 58,548
Total trade and other receivables 442,957 459,972
Notes to the consolidated financial statements continued
Trade receivables are shown net of any corresponding advances, are non-interest bearing and generally have payment terms of 46 to 60 days.
The total receivables denominated in US$ were US$311.7 million (2021: US$315.6 million), and in Mexican pesos US$131.2 million (2021: US$144.4 million).
Balances corresponding to Value Added Tax receivables and US$8.7 million within Other receivables (2021: US$10.4 million) are not financial assets.
As of 31 December for each year presented, except for \u2018other receivables\u2019 in the table above, all trade and other receivables were neither past due nor
credit-impaired. The amount past due and considered as credit-impaired as of 31 December 2022 is US$0.4 million (2021: US$0.6 million). Trade receivables
from related parties and other receivables from related parties (see note 14) are classified as financial assets at FVTPL and are therefore not considered in
the expected credit loss analysis. In determining the recoverability of receivables, the Group performs a risk analysis considering the type and age of the
outstanding receivable and the credit worthiness of the counterparty, see note 31(b).
17. Cash and cash equivalents
The Group considers cash and cash equivalents when planning its operations and in order to achieve its treasury objectives.
As at 31 December
2022
US$ thousands
2021
US$ thousands
Cash at bank and on hand 2,516 2,834
Short-term deposits 966,544 1,232,448
Cash and cash equivalents 969,060 1,235,282
Cash at bank earns interest at floating rates based on daily bank deposits. Short-term deposits are made for varying periods of between one day and three
months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. Short-term deposits can
be withdrawn at short notice without any penalty or loss in value.
18. Equity
Share capital and share premium
Authorised share capital of the Company is as follows:
Class of share
As at 31 December
2022 2021
Number Amount Number Amount
Ordinary Shares each of US$0.50 1,000,000,000 $500,000,000 1,000,000,000 $500,000,000
Sterling Deferred Ordinary Shares each of \u00a31.00 50,000 \u00a350,000 50,000 \u00a350,000
Issued share capital of the Company is as follows:
Ordinary Shares Sterling Deferred Ordinary Shares
Number US$ Number \u00a3
At 1 January 2021 736,893,589 $368,545,586 50,000 \u00a350,000
At 31 December 2021 736,893,589 $368,545,586 50,000 \u00a350,000
At 31 December 2022 736,893,589 $368,545,586 50,000 \u00a350,000
As at 31 December 2022 and 2021, all issued shares with a par value of US$0.50 each are fully paid. The rights and obligations attached to these shares are
governed by law and the Company\u2019s Articles of Association. Ordinary shareholders are entitled to receive notice and to attend and speak at any general meeting
of the Company. There are no restrictions on the transfer of the Ordinary Shares.
The Sterling Deferred Ordinary Shares only entitle the shareholder on winding up or on a return of capital to payment of the amount paid up after repayment to
Ordinary Shareholders. The Sterling Deferred Ordinary Shares do not entitle the holder to payment of any dividend, or to receive notice or to attend and speak
at any general meeting of the Company. The Company may also at its option redeem the Sterling Deferred Ordinary Shares at a price of \u00a31.00 or, as custodian,
purchase or cancel the Sterling Deferred Ordinary Shares or require the holder to transfer the Sterling Deferred Ordinary Shares. Except at the option of the
Company, the Sterling Deferred Ordinary Shares are not transferable.
18. Equity continued
Reserves
Share premium
This reserve records the consideration premium for shares issued at a value that exceeds their nominal value.
Capital reserve
The capital reserve arose as a consequence of the Pre-IPO Reorganisation as a result of using the pooling of interest method.
Hedging reserve
This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge, net of tax. When
the hedged transaction occurs, the gain or the loss is transferred out of equity to the income statement or the value of other assets.
Cost of hedging reserve
The changes in the time value of option contracts are accumulated in the costs of hedging reserve. These deferred costs of hedging are either reclassified to
profit or loss or recognised as a basis adjustment to non-financial assets or liabilities upon maturity of the hedged item, or, in the case of a hedge item that
realises over time, amortised on a systematic and rational basis over the life of the hedged item.
Fair value reserve of financial assets at FVOCI
The Group has elected to recognise changes in the fair value of certain investments in equity securities in OCI, as explained in note 2(g). These changes are
accumulated within the FVOCI reserve within equity. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities
are derecognised.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial information of entities with a
functional currency different to that of the presentational currency of the Group.
Retained earnings
This reserve records the accumulated results of the Group, less any distributions and dividends paid.
19. Dividends declared and paid
The dividends declared and paid during the years ended 31 December 2022 and 2021 are as follows:
US cents per
Ordinary Share
Amount
US$ thousands
Year ended 31 December 2022
Final dividend for 2021 declared and paid during the year
1
24.00 176,855
Interim dividend for 2022 declared and paid during the year
2
3.40 25,054
27.40 201,909
Year ended 31 December 2021
Final dividend for 2020 declared and paid during the year
3
23.50 173,170
Interim dividend for 2021 declared and paid during the year
4
9.90 72,952
33.40 246,122
1 This dividend was approved by the shareholders on 17 May 2022 and paid on 27 May 2022.
2 This dividend was approved by the Board of Directors on 1 August 2022 and paid 14 September 2022.
3 This dividend was approved by the shareholders on 24 June 2021 and paid on 28 June 2021.
4 This dividend was approved by the Board of Directors on 3 August 2021 and paid 15 September 2021.
A reconciliation between dividend declared, dividends affected to retained earnings and dividend presented in the cash flow statements is as follows:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Dividends declared 201,909 246,122
Foreign exchange effect \u2013 60
Dividends recognised in retained earnings 201,909 246,182
Foreign exchange and hedging effect 41 (621)
Dividends paid 201,950 245,561
Notes to the consolidated financial statements continued
As previously reported, in late 2019 the Directors became aware of a technical breach of the Companies Act 2006 (the Act) whereby certain dividends paid
between 2011 and 2019 (the \u2018Historic Dividends\u2019) had been made without having filed interim accounts in accordance with the Act. The relevant interim accounts
have now been filed with the Registrar of Companies and these show that the Company had sufficient distributable reserves at the point at which each of the
Historic Dividends was paid. As a matter of prudency, in 2022 the Directors put forward a resolution to shareholders in order to regularise the position. The
resolution was passed at the 2021 annual general meeting. This matter will have no effect on the monies received pursuant to these dividends and will not
adversely impact shareholders or the Company. The Company therefore considers the matter closed.
The Directors have proposed a final dividend of US$13.3 cents per share, which is subject to approval at the Annual General Meeting and is not recognised as a
liability as at 31 December 2022. Dividends paid from the profits generated from 1 January 2014 to residents in Mexico and to non-resident shareholders may be
subject to an additional tax of up to 10%, which will be withheld by the Group.
20. Interest-bearing loans
Senior Notes
On 13 November 2013, the Group completed its offering of US$800 million aggregate principal amount of 5.500% Senior Notes due November 2023 (the 5.500%
Notes). On 29 September 2020, the Group repurchased certain of its 5.500% Notes that had a carrying value of US$482.1 million for a consideration of
US$543.0 million.
On 2 October 2020, the Group completed its offering of US$850 million aggregate principal amount of 4.250% Senior Notes due 2050. The proceeds were
partially used to finance the repurchase mentioned above.
Movements in the year in the debt recognised in the balance sheet are as follows:
As at 31 December
2022
US$ thousands
2021
US$ thousands
Opening balance 1,157,545 1,156,670
Accrued interest 56,475 56,384
Interest paid
1
(56,371) (56,370)
Amortisation of discount and transaction costs 908 861
Closing balance 1,158,557 1,157,545
Less \u2013 Current portion 317,879 \u2013
Non-current portion 840,678 1,157,545
1 Interest is payable semi-annually on 13 May and 13 November for 5.500% senior notes and 2 April and 2 October for 4.250% senior notes.
The Group has the following restrictions derived from the issuance of all outstanding Senior Notes:
Change of control:
Should the rating of the senior notes be downgraded as a result of a change of control (defined as the sale or transfer of 35% or more of the common shares;
the transfer of all or substantially all the assets of the Group; starting a dissolution or liquidation process; or the loss of the majority in the Board of Directors)
the Group is obligated to repurchase the notes at an equivalent price of 101% of their nominal value plus the interest earned at the repurchase date, if requested
to do so by any creditor.
Pledge on assets:
The Group shall not pledge or allow a pledge on any property that may have a material impact on business performance (key assets). Nevertheless, the Group
may pledge the aforementioned properties provided that the repayment of the Notes keeps the same level of priority as the pledge on those assets.
21. Provision for mine closure cost
The provision represents the discounted values of the risk-adjusted estimated cost to decommission and rehabilitate the mines at the estimated date of
depletion of mine deposits. Uncertainties in estimating these costs include potential changes in regulatory requirements, decommissioning, dismantling and
reclamation alternatives, timing; the effects of climate change, and the discount, foreign exchange and inflation rates applied. Closure provisions are typically
based on conceptual level studies that are refreshed at least every three years. As these studies are renewed, they incorporate greater consideration of forecast
climate conditions at closure.
The Group has performed separate calculations of the provision by currency, discounting at corresponding rates. As at 31 December 2022, the discount rates
used in the calculation of the parts of the provision that relate to Mexican pesos range from 10.08% to 10.62% (2021: range from 6.39% to 8.33%). The range for
the current year parts that relate to US dollars range from 3.08% to 4.44% (2021: range from 0.57% to 1.40%).
Mexican regulations regarding the decommissioning and rehabilitation of mines are limited and less developed in comparison to regulations in many other
jurisdictions. It is the Group\u2019s intention to rehabilitate the mines beyond the requirements of Mexican law, and estimated costs reflect this level of expense.
The Group intends to fully rehabilitate the affected areas at the end of the lives of the mines.
The provision is expected to become payable at the end of the production life of each mine, based on the reserves and resources, which ranges from one to
22 years from 31 December 2022 (3 to 24 years from 31 December 2021). As at 31 December 2022 the weighted average term of the provision is 12 years
(2021: 12 years).
As at 31 December
2022
US$ thousands
2021
US$ thousands
Opening balance 260,307 245,688
Increase to existing provision 23,757 17,078
Effect of changes in discount rate (63,061) (7,821)
Unwinding of discount rate 15,243 11,622
Payments (1,085) (879)
Foreign exchange 12,046 (5,381)
Closing balance 247,207 260,307
Less \u2013 Current portion 4,827 3,351
Non-current portion 242,380 256,956
The provision is sensitive to changes in discount rates. Changes in market rates and risks not considered in the risk-adjusted cost estimates could change
the discount rate. To illustrate the sensitivity of the provision to discounting, if the discount rate at 31 December 2022 decreased by 50 basis points then the
provision would be US$13.0 million higher (2021: US$43.4 million). If the discount rate increased by 50 basis points then the provision would be US$12.0 million
lower (2021: US$27.2 million).
22. Pensions and other post-employment benefit plans
The Group has a defined contribution plan and a defined benefit plan.
The defined contribution plan was established as from 1 July 2007 and consists of periodic contributions made by each Mexican non-unionised worker and
contributions made by the Group to the fund matching workers\u2019 contributions, capped at 8% of the employee\u2019s annual salary.
The defined benefit plan provides pension benefits based on each worker\u2019s earnings and years of services provided by personnel hired up to 30 June 2007 as
well as statutory seniority premiums for both unionised and non-unionised workers.
The overall investment policy and strategy for the Group\u2019s defined benefit plan is guided by the objective of achieving an investment return which, together
with contributions, ensures that there will be sufficient assets to pay pension benefits and statutory seniority premiums for non-unionised workers as they
fall due while also mitigating the various risks of the plan. However, the portion of the plan related to statutory seniority premiums for unionised workers is not
funded. The investment strategies for the plan are generally managed under local laws and regulations. The actual asset allocation is determined by current
and expected economic and market conditions and in consideration of specific asset class risk in the risk profile. Within this framework, the Group ensures
that the trustees consider how the asset investment strategy correlates with the maturity profile of the plan liabilities and the respective potential impact on
the funded status of the plan, including potential short-term liquidity requirements.
Death and disability benefits are covered through insurance policies.
Notes to the consolidated financial statements continued
The following tables provide information relating to changes in the defined benefit obligation and the fair value of plan assets:
Balance at
1 January
2022
Pension cost charge to income statement
Benefits
paid
Remeasurement gains/(losses) in OCI
Contributions
by employer
Defined
benefit
decrease
due to
personnel
transfer
Balance at
31 December
2022
Service
cost
Net
interest
Foreign
exchange
Sub-total
recognised
in the year
Return
on plan
assets
(excluding
amounts
included
in net
interest)
Actuarial
changes
arising from
changes in
demographic
assumptions
Actuarial
changes
arising from
changes in
financial
assumptions
Sub-total
included
in OCI
1
US$ thousands
Defined
benefit
obligation
(25,673) (1,260) (1,826) (1,651) (4,737) 2,065 1,894 1,894 437 (26,014)
Fair value of
plan assets
19,167 1,333 1,160 2,493 (2,065) (2,615) (2,615) \u2013 (428) 16,552
Net benefit
liability
(6,506) (1,260) (493) (491) (2,244) \u2013 (2,615) 1,894 (721) 9 (9,462)
Balance at
1 January
2021
Pension cost charge to income statement
Benefits
paid
Remeasurement gains/(losses) in OCI
Contributions
by employer
Defined
benefit
decrease
due to
personnel
transfer
Balance at
31 December
2021
Service
cost
Net
interest
Foreign
exchange
Sub-total
recognised
in the year
Return
on plan
assets
(excluding
amounts
included
in net
interest)
Actuarial
changes
arising from
changes in
demographic
assumptions
Actuarial
changes
arising from
changes in
financial
assumptions
Sub-total
included
in OCI
1
US$ thousands
Defined
benefit
obligation
(31,358) (1,249) (1,906) 1,572 (1,583) 841 3,946 3,946 2,481 (25,673)
Fair value of
plan assets
19,381 1,167 (616) 551 (841) 1,744 1,744 732 (2,400) 19,167
Net benefit
liability
(11,977) (1,249) (739) 956 (1,032) \u2013 1,744 3,946 5,690 732 81 (6,506)
1 The effect corresponding to partially-owned subsidiaries has been allocated in the non-controlling interest of the year.
Of the total defined benefit obligation, US$10.7 million (2021: US$9.6 million) relates to statutory seniority premiums for unionised workers which are not
funded. The expected contributions to the plan for the next annual reporting period are nil.
The principal assumptions used in determining pension and other post-employment benefit obligations for the Group\u2019s plans are shown below:
As at 31 December
2022
%
2021
%
Discount rate 10.23 7.99
Future salary increases (National Consumer Price Index) 5.25 5.00
The life expectancy of current and future pensioners, men and women aged 65 and older will live on average for a further 23.98 and 26.72 years respectively
(2021: 24.08 years for men and 27.05 for women). The weighted average duration of the defined benefit obligation is 10.8 years (2021: 12.1 years).
The fair values of the plan assets were as follows:
As at 31 December
2022
US$ thousands
2021
US$ thousands
State owned companies \u2013 3,180
Mutual funds (fixed rates) 16,552 15,987
16,552 19,167
As at 31 December 2022 and 2021, all the funds were invested in quoted debt instruments.
The pension plan has not invested in any of the Group\u2019s own financial instruments nor in properties or assets used by the Group.
22. Pensions and other post-employment benefit plans continued
A quantitative sensitivity analysis for significant assumptions as at 31 December 2022 is as shown below:
Assumptions
Discount rate
Future salary increases
(NCPI)
Life expectancy
of pensioners
Sensitivity level
0.5%
Increase
0.5%
Decrease
0.5%
increase
0.5%
decrease
+ 1
Increase
Year ended 31 December 2022
(Decrease)/increase to the net defined benefit obligation
(US$ thousands) (967) 1,044 176 (174) 145
Year ended 31 December 2021
(Decrease)/increase to the net defined benefit obligation
(US$ thousands) (1,079) 1,174 157 (156) 208
The sensitivity analysis above has been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of
reasonable changes in key assumptions occurring at the end of the reporting period. The pension plan is not sensitive to future changes in salaries other
than in respect of inflation.
23. Trade and other payables
As at 31 December
2022
US$ thousands
2021
US$ thousands
Trade payables 140,297 130,187
Other payables to related parties (note 27) 35,969 30,930
Accrued expenses 60,321 22,319
Layback Agreement (note 2 (c)) \u2013 67,182
Other taxes and contributions 22,280 19,699
258,867 270,317
Trade payables are mainly for the acquisition of materials, supplies and contractor services. These payables do not accrue interest and no guarantees have
been granted. The fair value of trade and other payables approximate their book values.
Balances corresponding to Accrued expenses and Other tax and contributions are not financial liabilities.
The Group\u2019s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 31.
24. Commitments
A summary of capital expenditure commitments by operating mine and development project is as follows:
As at 31 December
2022
US$ thousands
2021
US$ thousands
Saucito 33,980 49,127
Herradura 11,024 21,258
Noche Buena 227 213
Ci\u00e9nega 10,753 15,710
Fresnillo 48,629 43,541
San Juli\u00e1n 9,745 6,379
Juanicipio 47,809 103,100
Other 414 970
162,581 240,298
Notes to the consolidated financial statements continued
25. Leases
(a) The Group as lessee
The Group leases various offices, buildings, plant and equipment and IT equipment. The resulting lease liability is as follows:
As at
31 December 2022
US$ thousands
31 December 2021
US$ thousands
IT equipment 10,914 8,406
Plant and equipment 3,776 \u2013
Buildings 439 2,421
Total lease liability 15,129 10,827
Less \u2013 Current portion 5,209 4,681
Non-current portion 9,920 6,146
The total cash outflow for leases for the year ended 31 December 2022, except short-term and low value leases, amounts to US$5.8 million (2021: US$6.5 million),
including finance costs of U$0.7 million (2021: US$0.5 million).The table below details right-of-use assets included as property plant and equipment in note 13.
Year ended 31 December 2022
US$ thousands
Buildings
Computer
equipment
Plant and
Equipment Total
Cost
At 1 January 2022 4,332 15,704 \u2013 20,036
Additions 288 5,580 3,933 9,801
At 31 December 2022 4,620 21,284 3,933 29,837
Accumulated depreciation
At 1 January 2022 (1,786) (7,719) \u2013 (9,505)
Depreciation for the year (799) (4,675) (234) (5,708)
At 31 December 2022 (2,585) (12,394) (234) (15,213)
Net book amount at 31 December 2022 2,035 8,890 3,699 14,624
Year ended 31 December 2021
US$ thousands
Building
Computer
equipment Total
Cost
At 1 January 2021 4,001 17,527 21,528
Additions 331 2,889 3,220
At 31 December 2021 4,332 20,416 24,748
Accumulated depreciation
At 1 January 2021 (1,059) (8,056) (9,115)
Depreciation for the year (727) (4,375) (5,102)
At 31 December 2021 (1,786) (12,431) (14,217)
Net book amount at 31 December 2021 2,546 7,985 10,531
Amounts recognised in profit and loss for the year, additional to depreciation of right-of-use assets, included US$0.7 million (2021: US$0.5 million) relating to
interest expense, US$60.4 million on relating variable lease payments (note 6) of which US$11.4 million were capitalised as a part of stripping cost (2021: nil),
US$0.8 million (2021: US$0.7 million) relating to short-term leases and US$3.3 million (2021: $3.3 million) relating to low-value assets.
(b) The Group as a lessor
Operating leases, in which the Group is the lessor, relate to mobile equipment owned by the Group with lease terms of between 12 to 36 months. All operating
lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the
equipment at the expiry of the lease period. The Group\u2019s leases as a lessor are not material.
26. Contingencies As of 31 December 2022, the Group has the following contingencies: \u2022 The Group is subject to various laws and regulations which, if not observed, could give rise to penalties. \u2022 Tax periods remain open to review by the Mexican tax authorities (SAT, by its Spanish acronym) in respect of income taxes for five years following the date of the filing of corporate income tax returns, during which time the authorities have the right to raise additional tax assessments including penalties and interest. Under certain circumstances, the reviews may cover longer periods. As such, there is a risk that transactions, and in particular related party transactions, that have not been challenged in the past by the authorities, may be challenged by them in the future. \u2022 On 8 May 2008, the Company and Pe\u00f1oles entered into the Separation Agreement (the \u2018Separation Agreement\u2019). This agreement relates to the separation of the Group and the Pe\u00f1oles Group and governs certain aspects of the relationship between the Fresnillo Group and the Pe\u00f1oles Group following the initial public offering in May 2008 (\u2018Admission\u2019). The Separation Agreement provides for cross-indemnities between the Company and Pe\u00f1oles so that, in the case of Pe\u00f1oles, it is held harmless against losses, claims and liabilities (including tax liabilities) properly attributable to the precious metals business of the Group and, in the case of the Company, it is held harmless by Pe\u00f1oles against losses, claims and liabilities which are not properly attributable to the precious metals business. Save for any liability arising in connection with tax, the aggregate liability of either party under the indemnities shall not exceed US$250 million in aggregate. \u2022 In 2011, flooding occurred in the Saucito mine, following which the Group filed an insurance claim in respect of the damage caused (and in respect of business interruption). This insurance claim was rejected by the insurance provider. In early 2018, after the matter had been taken to mutually agreed arbitration, the insurance claim was declared valid; however, there is disagreement about the appropriate amount to be paid. In October 2018 the Group received US$13.6 million in respect of the insurance claim, however this does not constitute a final settlement and management continues to pursue a higher insurance payment. Due to the fact that negotiations are on-going and there is uncertainty regarding the timing and amount involved in reaching a final settlement with the insurer, it is currently not practicable to determine the total amount expected to be recovered. \u2022 It is probable that interest income will be earned on the Group\u2019s outstanding income and value added tax receivable balances; however, there is no certainty that this interest will be realised until the underlying balance is recovered. Due to that uncertainty, it is also not practicable to estimate the amount of interest income earned but not recovered to date. 27. Related party balances and transactions The Group had the following related party transactions during the years ended 31 December 2022 and 2021 and balances as at 31 December 2022 and 2021. Related parties are those entities owned or controlled by the ultimate controlling party, as well as those who have a minority participation in Group companies and key management personnel of the Group. (a) Related party balances Accounts receivable Accounts payable As at 31 December As at 31 December 2022 US$ thousands 2021 US$ thousands 2022 US$ thousands 2021 US$ thousands Trade: Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V. 275,844 265,473 421 298 Other: Industrias Pe\u00f1oles, S.A.B. de C.V. 1 8,342 4,842 \u2013 \u2013 Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V. \u2013 6 \u2013 \u2013 Servicios Administrativos Pe\u00f1oles, S.A. de C.V. \u2013 \u2013 4,630 4,519 Servicios Especializados Pe\u00f1oles, S.A. de C.V. \u2013 \u2013 8,964 179 Fuentes de Energ\u00eda Pe\u00f1oles, S.A. de C.V. \u2013 \u2013 1,062 5,220 Termoel\u00e9ctrica Pe\u00f1oles, S. de R.L. de C.V. \u2013 \u2013 3,206 2,154 E\u00f3lica de Coahuila S.A. de C.V. \u2013 \u2013 13,466 13,589 Minera Capela, S.A. de C.V. \u2013 \u2013 \u2013 714 Other 35 38 4,220 4,257 Sub\u2013total 284,221 270,359 35,969 30,930 Less\u2013current portion 284,221 270,359 35,969 30,930 Non-current portion \u2013 \u2013 \u2013 \u2013 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14. Related party accounts receivable and payable will be settled in cash. Notes to the consolidated financial statements continued Other balances with related parties:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Silverstream contract:
Industrias Pe\u00f1oles, S.A.B. de C.V. 511,474 529,544
The Silverstream contract can be settled in either silver or cash. Details of the Silverstream contract are provided in note 14.
(b) Principal transactions with affiliates, including Industrias Pe\u00f1oles S.A.B de C.V., the Company\u2019s Parent, are as follows:
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Income:
Sales:
1
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V. 2,436,761 2,704,447
Insurance recovery
Grupo Nacional Provincial, S.A. B. de C.V. 606 23
Other income 4,959 2,708
Total income 2,442,326 2,707,178
1 Figures do not include the effects of hedging as the derivative transactions are not undertaken with related parties.
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Expenses:
Administrative services:
Servicios Administrativos Pe\u00f1oles, S.A. de C.V.
2
34,755 35,654
Servicios Especializados Pe\u00f1oles, S.A. de C.V.
3
18,918 19,105
Pe\u00f1oles Tecnolog\u00eda, S.A. de C.V. 4,356 1,425
58,029 56,184
Energy:
Termoel\u00e9ctrica Pe\u00f1oles, S. de R.L. de C.V. 20,630 19,597
Fuentes de Energ\u00eda Pe\u00f1oles, S.A. de C.V. 3,259 5,019
E\u00f3lica de Coahuila S.A. de C.V. 31,031 39,423
54,920 64,039
Operating materials and spare parts:
Wideco Inc 6,610 5,465
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V. 9,694 10,579
16,304 16,044
Equipment repair and administrative services:
Serviminas, S.A. de C.V. 7,492 10,029
Insurance premiums:
Grupo Nacional Provincial, S.A. B. de C.V. 16,443 16,422
Other expenses: 4,395 7,441
Total expenses 157,583 170,159
2 Includes US$0.8 million (2021: US$3.1 million) corresponding to expenses reimbursed.
3 Includes US$nil (2021: US$2.6 million) relating to engineering costs that were capitalised.
27. Related party balances and transactions continued
(c) Compensation of key management personnel of the Group
Key management personnel include the members of the Board of Directors and the Executive Committee.
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Salaries and bonuses 2,792 3,142
Post-employment benefits 244 192
Other benefits 316 337
Total compensation paid in respect of key management personnel 3,352 3,671
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Accumulated accrued defined benefit pension entitlement 4,035 4,138
This compensation includes amounts paid to directors disclosed in the Directors\u2019 Remuneration Report.
The accumulated accrued defined pension entitlement represents benefits accrued at the time the benefits were frozen. There are no further benefits
accruing under the defined benefit scheme in respect of current services.
28. Auditor\u2019s remuneration
Fees due by the Group to its auditor during the year ended 31 December 2022 and 2021 are as follows:
Class of services
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts 1,879 1,413
Fees payable to the Group\u2019s auditor and its associates for other services as follows:
The audit of the Company\u2019s subsidiaries pursuant to legislation 316 382
Audit-related assurance services 437 497
Total 2,632 2,292
29. Notes to the consolidated statement of cash flows
Notes
2022
US$ thousands
2021
US$ thousands
Reconciliation of profit for the year to net cash generated from operating activities
Profit for the year 308,291 438,496
Adjustments to reconcile profit for the period to net cash inflows from operating activities:
Depreciation and amortisation 13 501,769 529,390
Employee profit sharing 8 9,841 16,662
Deferred income tax credit 11 (233,090) (157,116)
Current income tax expense 11 173,370 330,151
Write-off of assets 9 11,315 \u2013
Loss/(gain) on the sale of property, plant and equipment and other assets 305 (5,041)
Net finance costs 55,148 52,863
Foreign exchange loss 823 1,306
Difference between pension contributions paid and amounts recognised in the income statement 1,259 625
Non-cash movement on derivatives \u2013 531
Layback agreement (note 2 (c)) (67,182) \u2013
Changes in fair value of Silverstream 14 (18,785) 416
Working capital adjustments
Decrease in trade and other receivables 7,199 85,581
Increase in prepayments and other assets (14,064) (2,233)
Increase in inventories (99,562) (44,596)
Increase in trade and other payables 40,282 19,252
Cash generated from operations 676,919 1,266,287
Income tax paid
1
(158,343) (349,840)
Employee profit sharing paid (16,391) (21,306)
Net cash from operating activities 502,185 895,141
1 Income tax paid includes US$116.1 million corresponding to corporate income tax (2021: US$321.8 million) and US$53.3 corresponding to special mining right (2021: US$28.0 million), for further information refer
to note 11.
Notes to the consolidated financial statements continued
30. Financial instruments
(a) Fair value category
Financial assets:
As at 31 December 2022
US$ thousands
Amortised
cost
Fair value
through OCI
Fair value (hedging
instruments)
Fair value through
profit or loss
Trade and other receivables
1
27,276 \u2013 \u2013 284,186
Equity instruments at FVOCI \u2013 158,813 \u2013 \u2013
Silverstream contract (note 14) \u2013 \u2013 \u2013 511,474
Derivative financial instruments \u2013 \u2013 231 \u2013
Financial liabilities:
Amortised
cost
Fair value (hedging
instruments)
Fair value through
profit or loss
Interest-bearing loans (note 20) 1,158,557 \u2013 \u2013
Notes payable
2
104,962 \u2013 \u2013
Trade and other payables (note 23) 176,266 \u2013 \u2013
Derivative financial instruments \u2013 487 \u2013
Financial assets:
As at 31 December 2021
US$ thousands
Amortised
cost
Fair value
through OCI
Fair value (hedging
instruments)
Fair value through
profit or loss
Trade and other receivables
1
41,217 \u2013 \u2013 270,315
Equity instruments at FVOCI \u2013 164,525 \u2013 \u2013
Silverstream contract (note 14) \u2013 \u2013 \u2013 529,544
Derivative financial instruments \u2013 \u2013 96 \u2013
Financial liabilities:
Amortised
cost
Fair value (hedging
instruments)
Fair value through
profit or loss
Interest-bearing loans (note 20) 1,157,545 \u2013 \u2013
Notes payable
2
107,918 \u2013 \u2013
Trade and other payables (note 23) 161,117 \u2013 \u2013
Derivative financial instruments \u2013 3,885 \u2013
1 Trade and other receivables and embedded derivative within sales contracts are presented net in Trade and other receivables in the balance sheet.
2 Corresponds to interest-bearing notes payable received from Minera los Lagartos, S.A. de C.V. which holds a non-controlling interest in Juanicipio project. The notes are denominated in US dollars and bear
interest at a rate that ranges between 2.15-6.34% with a maturity of nine to 18 months (2021: 12 months). During the year, proceeds and payments from these Notes amounted to US$8.1 million and US$10.0
million respectively (2021: US$41.7 million and US$nil).
(b) Fair value measurement
The value of financial assets and liabilities other than those measured at fair value are as follows:
As at 31 December
Carrying amount Fair value
2022
US$ thousands
2021
US$ thousands
2022
US$ thousands
2021
US$ thousands
Financial assets:
Trade and other receivables 27,276 41,217 27,276 41,217
Financial liabilities:
Interest-bearing loans
1
(note 20) 1,158,557 1,157,545 990,588 1,237,689
Trade and other payables 176,266 161,117 176,266 161,117
Note payable 104,962 107,918 104,962 107,918
1 Interest-bearing loans are categorised in Level 1 of the fair value hierarchy.
30. Financial instruments continued
The financial assets and liabilities measured at fair value are categorised into the fair value hierarchy as at 31 December as follows:
As of 31 December 2022
Fair value measure using
Quoted prices in
active markets
Level 1
US$ thousands
Significant
observable
Level 2
US$ thousands
Significant
unobservable
Level 3
US$ thousands
Total
US$ thousands
Financial assets:
Trade receivables \u2013 \u2013 284,186 284,186
Derivative financial instruments: \u2013 \u2013 \u2013 \u2013
Option and forward foreign exchange contracts \u2013 231 \u2013 231
Silverstream contract \u2013 \u2013 511,474 511,474
Other financial assets:
Equity instruments at FVOCI 158,813 \u2013 \u2013 158,813
158,813 231 795,660 954,704
Financial liabilities:
Derivative financial instruments:
Option and forward foreign exchange contracts \u2013 487 \u2013 487
\u2013 487 \u2013 487
As of 31 December 2021
Fair value measure using
Quoted prices in
active markets
Level 1
US$ thousands
Significant
observable
Level 2
US$ thousands
Significant
unobservable
Level 3
US$ thousands
Total
US$ thousands
Financial assets:
Trade receivables \u2013 \u2013 270,315 270,315
Derivative financial instruments:
Option commodity contracts \u2013 66 \u2013 66
Option and forward foreign exchange contracts \u2013 30 \u2013 30
Silverstream contract \u2013 \u2013 529,544 529,544
Other financial assets:
Equity instruments at FVOCI 164,525 \u2013 \u2013 164,525
164,525 96 799,859 964,480
Financial liabilities:
Derivative financial instruments:
Option commodity contracts \u2013 2,987 \u2013 2,987
Option and forward foreign exchange contracts \u2013 898 \u2013 898
\u2013 3,885 \u2013 3,885
There have been no transfers between Level 1 and Level 2 of the fair value hierarchy, and no transfers into and out of Level 3 fair value measurements.
A reconciliation of the opening balance to the closing balance for Level 3 financial instruments other than Silverstream (which is disclosed in note 14) is
shown below:
2022
US$ thousands
2021
US$ thousands
Balance at 1 January: 265,473 326,834
Sales 2,440,063 2,705,720
Cash collection (2,426,390) (2,765,807)
Changes in fair value (20,178) (3,695)
Realised embedded derivatives during the year 16,876 2,421
Balance at 31 December 275,844 265,473
The fair value of financial assets and liabilities is included at reflects the amount at which the instrument could be exchanged in a current transaction between
willing parties, other than in a forced or liquidation sale.
Notes to the consolidated financial statements continued
The following valuation techniques were used to estimate the fair values: Option and forward foreign exchange contracts The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. The foreign currency forward (Level 2) contracts are measured based on observable spot exchange rates, the yield curves of the respective currencies as well as the currency basis spreads between the respective currencies. The foreign currency option contracts are valued using the Black Scholes model, the significant inputs to which include observable spot exchange rates, interest rates and the volatility of the currency. Option commodity contracts The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. The option commodity (Level 2) contracts are measured based on observable spot commodity prices, the yield curves of the respective commodity as well as the commodity basis spreads between the respective commodities. The option commodity contracts are valued using the Black Scholes model, the significant inputs to which include observable spot commodities price, interest rates and the volatility of the commodity. Silverstream contract For further information relating to the valuation techniques were used to estimate the fair value of the Silverstream contract as well as the sensitivity of the valuation to the key inputs are disclosed in note 14. Equity investments: The fair value of equity investments is derived from quoted market prices in active markets (Level 1). These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature. As of 31 December 2022, approximately 91.6% of the investments correspond to 9,314,877 shares (2021: 9,314,877 shares) of Mag Silver, Corp. for an amount of US$145.5 million (2021: US$146.1 million) and 5.7% of Endeavor, Inc. represented by 2,800,000 (2021: 2,800,000 shares) shares for an amount of US$9.1 million (2021: US$11.9 million). These equity investments are listed on the Canadian Stock Exchange. The prices per share as 31 December 2022 were US$15.62 (2021: US$15.69) and US$3.24 (2021: US$4.23), respectively. Interest-bearing loans The fair value of the Group\u2019s interest-bearing loan is derived from quoted market prices in active markets (Level 1). Trade receivables: Sales of concentrates, precipitates dor\u00e9 bars and activated carbon are \u2018provisionally priced\u2019 and revenue is initially recognised using this provisional price and the Group\u2019s best estimate of the contained metal. Revenue is subject to final price and metal content adjustments subsequent to the date of delivery (see note 2 (n)). This price exposure is considered to be an embedded derivative and therefore the entire related trade receivable is measured at fair value. At each reporting date, the provisionally priced metal content is revalued based on the forward selling price for the quotational period stipulated in the relevant sales contract. The selling price of metals can be reliably measured as these metals are actively traded on international exchanges but the estimated metal content is a non-observable input to this valuation. 31. Financial risk management Overview The Group\u2019s principal financial assets and liabilities, other than derivatives, comprise trade and other receivables, cash, equity instruments at FVOCI, interest-bearing loans, notes payable and trade payables. The Group has exposure to the following risks from its use of financial instruments: \u2022 Market risk, including foreign currency, commodity price, interest rate and equity price risks. \u2022 Credit risk. \u2022 Liquidity risk. This note presents information about the Group\u2019s exposure to each of the above risks and the Group\u2019s objectives, policies and processes for assessing and managing risk. Further quantitative disclosures are included throughout the financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Fresnillo Audit Committee has responsibility for overseeing how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by Internal Audit, which undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. 31. Financial risk management continued
(a) Market risk
Market risk is the risk that changes in market factors, such as foreign exchange rates, commodity prices or interest rates will affect the Group\u2019s income or the
value of its financial instruments.
The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.
In the following tables, the effect on equity excludes the changes in retained earnings as a direct result of changes in profit before tax.
Foreign currency risk
The Group has financial instruments that are denominated in Mexican peso and other foreign currencies which are exposed to foreign currency risk. Transactions
in currencies other than the US dollar include the purchase of services, fixed assets, spare parts and the payment of dividends. As a result, the Group has financial
assets and liabilities denominated in currencies other than functional currency and holds cash and cash equivalents in Mexican peso.
In order to manage the Group\u2019s exposure to foreign currency risk on expenditure denominated in currencies other than the US dollar, the Group has entered into
certain forward and option derivative contracts.
The following table demonstrates the sensitivity of cash and cash equivalents, trade and other receivables, trade and other payables and derivatives financial
instruments (excluding Silverstream which impact is disclosed in note 14) to a reasonably possible change in the US dollar exchange rate compared to the
Mexican peso, reflecting the impact on the Group\u2019s profit before tax and equity, with all other variables held constant. It is assumed that the same percentage
change in exchange rates is applied to all applicable periods for the purposes of calculating the sensitivity with relation to derivative financial instruments.
Year ended 31 December
Strengthening/
(weakening)
of US dollar
Effect on
profit before tax:
increase/
(decrease)
US$ thousands
Effect on equity:
increase/
(decrease)
US$ thousands
2022 5% 742 1,120
(5%) (820) 3,610
2021 10% 2,123 1,251
(5%) (1,229) (1,587)
The Group\u2019s exposure to reasonably possible changes in other currencies is not material.
Commodity risk
The Group has exposure to changes in metals prices (specifically silver, gold, lead and zinc) which have a significant effect on the Group\u2019s results. These prices
are subject to global economic conditions and industry-related cycles.
The Group uses derivative instruments to hedge against an element of gold, zinc and lead price.
The table below reflects the aggregate sensitivity of financial assets and liabilities (excluding Silverstream which impact is disclosed in note 14) to a reasonably
possible change in commodities prices, reflecting the impact on the Group\u2019s profit before tax with all other variables held constant.
The sensitivity shown in the table below relates to changes in fair value of commodity derivatives financial instruments contracts (excluding Silverstream) and
embedded derivatives in sales.
Year ended 31 December
Increase/(decrease) in commodity prices
Effect on
profit before tax:
increase/
(decrease)
US$ thousands
Effect on equity:
increase/
(decrease)
US$ thousandsGold Silver Zinc Lead
2022 10% 20% 20% 15% 31,529 \u2013
(10%) (15%) (15%) (15%) (27,660) \u2013
2021 10% 15% 25% 15% 40,688 (4,861)
(10%) (15%) (15%) (15%) (36,638) 2,707
Notes to the consolidated financial statements continued
Interest rate risk
The Group is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial
instruments, principally relating to the cash balances and the Silverstream contract held at the balance sheet date. Interest-bearing loans and notes payable
are at a fixed rate, therefore the possibility of a change in interest rate only impacts its fair value but not its carrying amount. Therefore, interest-bearing loans,
notes payable and loans from related parties are excluded from the table below.
The following table demonstrates the sensitivity of financial assets and financial liabilities (excluding Silverstream which impact is disclosed in note 14) to a
reasonably possible change in interest rate applied to a full year from the balance sheet date. There is no impact on the Group\u2019s equity other than the equivalent
change in retained earnings.
Year ended 31 December
Basis point
increase/
(decrease)
in interest rate
Effect on profit
before tax:
increase/
(decrease)
US$ thousands
2022 100 8,667
(25) (2,167)
2021 25 3,088
\u2013 \u2013
The sensitivity shown in the table above primarily relates to the full year of interest on cash balances held as at the year end.
Equity price risk
The Group has exposure to changes in the price of equity instruments that it holds as equity investments at FVOCI.
The following table demonstrates the sensitivity of equity investments at FVOCI to a reasonably possible change in market price of these equity instruments,
reflecting the effect on the Group\u2019s profit before tax and equity:
Year ended 31 December
Increase/
(decrease)
in equity price
Effect on
profit before tax:
increase/
(decrease)
(US$ thousands)
Effect on equity:
increase/
(decrease)
US$ thousands
2022 10% \u2013 15,881
(25%) \u2013 (39,703)
2021 25% \u2013 40,707
(45%) \u2013 (73,272)
(b) Credit risk
Exposure to credit risk arises as a result of transactions in the Group\u2019s ordinary course of business and is applicable to trade and other receivables, cash and
cash equivalents, the Silverstream contract and derivative financial instruments.
The Group\u2019s policies are aimed at minimising losses as a result of counterparties\u2019 failure to honour their obligations. Individual exposures are monitored with
customers subject to credit limits to ensure that the Group\u2019s exposure to bad debts is not significant. The Group\u2019s exposure to credit risk is influenced mainly by
the individual characteristics of each counter party. The Group\u2019s financial assets are with counterparties with what the Group considers to have an appropriate
credit rating. As disclosed in note 27, the counterparties to a significant proportion of these financial assets are related parties. At each balance sheet date,
the Group\u2019s financial assets were neither credit-impaired nor past due, other than \u2018Other receivables\u2019 as disclosed in note 16. The Group\u2019s policies are aimed at
minimising losses from foreign currency hedging contracts. The Company\u2019s foreign currency hedging contracts are entered into with large financial institutions
with strong credit ratings.
The Group has a high concentration of trade receivables with one counterparty Met-Mex Pe\u00f1oles, the Group\u2019s sole customer throughout 2022 and 2021. A further
concentration of credit risk arises from the Silverstream contract. Both Met-Mex and the counterparty to the Silverstream contract are subsidiaries in the Pe\u00f1oles
group which currently owns 75% of the shares of the Company and is considered by management to be of appropriate credit rating.
The Group\u2019s surplus funds are managed by Servicios Administrativos Fresnillo, S.A. de C.V., which manages cash and cash equivalents, including short-term
investments investing in several financial institutions. Accordingly, on an ongoing basis the Group deposits surplus funds with a range of financial institutions,
depending on market conditions. In order to minimise exposure to credit risk, the Group only deposits surplus funds with financial institutions with a credit
rating of MX-1 (Moody\u00b4s) and mxA-1+ (Standard and Poor\u2019s) and above. As at 31 December 2022, the Group had concentrations of credit risk as 35% of surplus
funds were deposited with one financial institution of which the total investment was held in short-term deposits.
The maximum credit exposure at the reporting date of each category of financial asset above is the carrying value as detailed in the relevant notes.
See note 17 for the maximum credit exposure to cash and cash equivalents note 16 for other receivables and note 27 for related party trade and other
receivables. The maximum credit exposure with relation to the Silverstream contract is the value of the derivative as at 31 December 2022, being
US$511.5 million (2021: US$529.5 million).
31. Financial risk management continued
(c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group monitors its risk of a shortage of funds using projected cash flows from operations and by monitoring the maturity of both its financial assets
and liabilities.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.
US$ thousands
Within 1 year 2\u20133 years 3-5 years > 5 years Total
As at 31 December 2022
Interest-bearing loans (note 20) 374,249 75,973 75,973 1,723,686 2,249,881
Trade and other payables 176,266 \u2013 \u2013 \u2013 176,266
Note payable 9,109 95,853 \u2013 \u2013 104,962
Lease liabilities (note 25) 6,055 6,933 3,129 1,620 17,737
Derivative financial instruments \u2013 liabilities 487 \u2013 \u2013 \u2013 487
US$ thousands
Within 1 year 2\u20133 years 3-5 years > 5 years Total
As at 31 December 2021
Interest-bearing loans (note 20) 56,370 412,236 75,973 1,761,672 2,306,251
Trade and other payables 161,117 \u2013 \u2013 \u2013 161,117
Note payable 107,918 \u2013 \u2013 \u2013 107,918
Lease liabilities (note 25) 5,054 5,213 846 639 11,752
Derivative financial instruments \u2013 liabilities 3,885 \u2013 \u2013 \u2013 3,885
The payments disclosed for financial derivative instruments in the above table are the gross undiscounted cash flows. However, those amounts may be settled
gross or net. The following table shows the corresponding estimated inflows based on the contractual terms:
US$ thousands
Within 1 year 2-3 years 3-5 years > 5 years Total
As at 31 December 2022
Inflows 13,319 \u2013 \u2013 \u2013 13,319
Outflows (13,322) \u2013 \u2013 \u2013 (13,322)
Net (3) \u2013 \u2013 \u2013 (3)
US$ thousands
Within 1 year 2-3 years 3-5 years > 5 years Total
As at 31 December 2021
Inflows 48,602 \u2013 \u2013 \u2013 48,602
Outflows (51,588) \u2013 \u2013 \u2013 (51,588)
Net (2,986) \u2013 \u2013 \u2013 (2,986)
The above liquidity tables include expected inflows and outflows from currency option contracts which the Group expects to be exercised during 2023 as at
31 December 2022 and during 2022 as at 31 December 2021, either by the Group or counterparty.
Management considers that the Group has adequate current assets and forecast cash from operations to manage liquidity risks arising from current liabilities
and non-current liabilities.
Capital management
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios that support its
business and maximise shareholder value. Management considers capital to consist of equity and interest-bearing loans, excluding net unrealised gains
or losses on revaluation of derivatives financial instruments and Equity instruments at FVOCI. Refer to notes 18, 20 and 30 respectively for a quantitative
summary of these items.
In order to ensure an appropriate return for shareholder\u2019s capital invested in the Group management thoroughly evaluates all material projects and potential
acquisitions and approves them at its Executive Committee before submission to the Board for ultimate approval, where applicable. The Group\u2019s dividend policy
is based on the profitability of the business and underlying growth in earnings of the Group, as well as its capital requirements and cash flows, including cash
flows from the Silverstream.
One of the Group\u2019s metrics of capital is cash and other liquid assets which in 2022 and 2021 consisted of only cash and cash equivalents, which details are
disclosed in note 17.
Notes to the consolidated financial statements continued
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "1. Corporate information Fresnillo plc. (\u2018the Company\u2019) is a public limited company and registered in England and Wales with registered number 6344120 and is the holding company for the Fresnillo subsidiaries detailed in note 5 of the Parent Company accounts (\u2018the Group\u2019). Industrias Pe\u00f1oles S.A.B. de C.V. (\u2018Pe\u00f1oles\u2019) currently owns 75 percent of the shares of the Company and the ultimate controlling party of the Company is the Baill\u00e8res family, whose beneficial interest is held through Pe\u00f1oles. The registered address of Pe\u00f1oles is Calzada Legaria 549, Mexico City 11250. Copies of Pe\u00f1oles\u2019 accounts can be obtained from www.penoles.com.mx. Further information on related party balances and transactions with Pe\u00f1oles\u2019 group companies is disclosed in note 27. The consolidated financial statements of the Group for the year ended 31 December 2022 were authorised for issue by the Board of Directors of Fresnillo plc on 6 March 2023. The Group\u2019s principal business is the mining and beneficiation of non-ferrous minerals, and the sale of related production. The primary contents of this production are silver, gold, lead and zinc. During 2022 and 2021 all the production were sold to Pe\u00f1oles\u2019 metallurgical complex, Met-Mex, for smelting and refining. Further information about the Group operating mines and its principal activities is disclosed in note 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "Fresnillo plc. (\u2018the Company\u2019) is a public limited company and registered in England and Wales with registered number 6344120 and is the holding company for ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "Fresnillo plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "Baill\u00e8res family",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "The Group\u2019s principal business is the mining and beneficiation of non-ferrous minerals, and the sale of related production. The primary contents of this production are silver, gold, lead and zinc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "2. Significant accounting policies
(a) Basis of preparation and consolidation, and statement of compliance
Basis of preparation and statement of compliance
The Group consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and in accordance with
the provisions of the Companies Act 2006.
The consolidated financial statements have been prepared on a historical cost basis, except for trade receivables, derivative financial instruments, equity
securities and defined benefit pension scheme assets which have been measured at fair value.
The consolidated financial statements are presented in dollars of the United States of America (US dollars or US$) and all values are rounded to the nearest
thousand ($000) except when otherwise indicated.
Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out above in the Strategic
Review on pages 2-157. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review in pages 52-61. In addition,
note 31 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives;
details of its financial instruments; and its exposures to credit risk and liquidity risk.
In making their assessment of the Group\u2019s ability to manage its future cash requirements, the Directors have considered the Company and Group budgets and the
cash flow forecasts for the period to 31 December 2024 (being the going concern assessment period). The Directors have also considered the cash position as of
31 December 2022 (US$ 969.1 million) and the net current asset position (US$1,252.3 million), which includes the debt repayment due in 2023 (US$317.9 million), as
described in the financial review. In addition, they reviewed a more conservative cash flow scenario with reduced silver and gold prices of US$20.0 and US$1,718
respectively throughout this period, whilst maintaining current budgeted expenditure and only considering projects approved by the Executive Committee. This
resulted in our current cash and cash equivalents balances reducing over time but maintaining sufficient liquidity throughout the period.
The Directors have further calculated prices (US$18.5 and US$1,574 for silver and gold respectively), which should they prevail to the end of 2024 would result in
cash balances decreasing to minimal levels by the end of 2024, without applying mitigations.
Should metal prices remain below the stressed prices above for an extended period, management have identified specific elements of capital and exploration
expenditures which could be deferred without adversely affecting production profiles throughout the period. Finally, management could amend the mining
plans to concentrate on production with a higher margin in order to accelerate cash generation without affecting the integrity of the mine plans.
Previously, the Directors reviewed scenarios that incorporated an estimated potential impact of government-imposed stoppages due to Covid-19 restrictions.
The Directors reassessed the situation in the current year, considering in particular the fact mining was declared an essential activity by the Federal Government
and there have been no further stoppages at any of our mines. Furthermore, as previously reported, we have implemented additional health and safety measures
at each of our mines coupled with extensive targeted and random testing. The Directors concluded that the risk of government-imposed stoppages was low and
therefore disclosure of a specific Covid scenario is no longer relevant.
After reviewing all of the above considerations, the Directors have a reasonable expectation that management have sufficient flexibility in adverse circumstances
to maintain adequate resources to continue in operational existence for the foreseeable future. The Directors, therefore, continue to adopt the going concern
basis of accounting in preparing the annual financial statements.
Basis of consolidation
The consolidated financial statements set out the Group\u2019s financial position as of 31 December 2022 and 2021, and the results of operations and cash flows for
the years then ended.
Entities that constitute the Group are those enterprises controlled by the Group regardless of the number of shares owned by the Group. The Group controls an
entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. Entities are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which
control is transferred out of the Group. The Group applies the acquisition method to account for business combinations in accordance with IFRS 3.
All intra-group balances, transactions, income and expenses and profits and losses, including unrealised profits arising from intra-group transactions, have
been eliminated on consolidation. Unrealised losses are eliminated in the same way as unrealised gains except that they are only eliminated to the extent that
there is no evidence of impairment.
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein. The interest of non-controlling
shareholders may be initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. The
choice of measurement basis is made on an acquisition by-acquisition basis. Subsequent to acquisition, non-controlling interests consist of the amount attributed
to such interests at initial recognition and the non-controlling interest\u2019s share of changes in equity since the date of the combination. Any losses of a subsidiary are
attributed to the non-controlling interests even if that results in a deficit balance.
Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, a transaction with the owners
in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of
the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interest are also recorded in equity.
(b) Changes in accounting policies and disclosures
The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the
consolidated financial statements for the year ended 31 December 2021, except for the adoption of some amendment as follow:
\u2022 Proceeds deducted from the cost of Property, plant and equipment.
Amendments to IAS 16, \u2018Property, plant and equipment\u2019 prohibit a company from deducting from the cost of property, plant and equipment amounts received
from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related
cost in profit or loss. This resulted in a change to the Group\u2019s accounting policies.
Ore generated as part of the development stage may be processed and sold, giving rise to revenue before the commencement of commercial production. Prior to
1 January 2022, where such processing was necessary to bring mining assets into the condition required for their intended use (for example, in testing the plants at
the mining unit in development), revenues from metals recovered from such activities were credited to mining properties and development costs. From 1 January
2022, such revenue is recognised in profit or loss and cost of sales is measured based on operating cost once commercial production has been initiated. The
adoption of this amendment did not have any impact on the financial position or performance of the Group as there were no sales from ore processed by plants in
their testing period in the years where the amendment is applicable.
New standards, interpretations and amendments (new standards) adopted by the Group
Other than above, a number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting
policies or make retrospective adjustments as a result of adopting these standards.
Standards, interpretations and amendments issued but not yet effective
The IASB has issued other amendments resulting from improvements to IFRSs that management considers do not have any impact on the accounting policies,
financial position or performance of the Group. The Group has not early adopted any standard, interpretation or amendment that was issued but is not
yet effective.
(c) Significant accounting judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions
that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of
revenues and expenses during the reporting period. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and
circumstances, with regard to prior experience, but actual results may differ from the amounts included in the consolidated financial statements. Information
about such judgements and estimates is contained in the accounting policies and/or the notes to the consolidated financial statements.
Judgements
Areas of judgement, apart from those involving estimations, that have the most significant effect on the amounts recognised in the consolidated financial
statements for the year ended 31 December 2022 are:
Recognition and classification of assets at Soledad and Dipolos mine:
In 2009, five members of the El Baj\u00edo agrarian community in the state of Sonora, who claimed rights over certain surface land in the proximity of the operations
of Minera Penmont (\u2018Penmont\u2019), submitted a legal claim before the Unitarian Agrarian Court (Tribunal Unitario Agrario) of Hermosillo, Sonora, to have Penmont
vacate an area of this surface land. The land in dispute encompassed a portion of surface area where part of the operations of the Soledad & Dipolos mine
are located. The litigation resulted in a definitive court order, with which Penmont complied by vacating 1,824 hectares of land, resulting in the suspension
of operations at Soledad & Dipolos. Whilst the claim and the definitive court order did not affect the Group\u2019s legal title over the mining concession or the ore
currently held in leaching pads near the mine site, land access at the mine site is required to further exploit the concession at Soledad & Dipolos.
In addition to, but separate from, the lands mentioned above, Penmont is the legal and registered owner of the land where the Soledad & Dipolos leaching pads
are located but has not yet been able to gain physical access to these pads due to opposition by certain local individuals. This land was purchased by Penmont
from the Federal Government of Mexico in accordance with due legal process. The Group has a reasonable expectation that Penmont will eventually regain
access to the Soledad & Dipolos assets and process the ore content in the Soledad & Dipolos leaching pads. This expectation considers different scenarios,
including but not limited to potential negotiation scenarios and the different legal proceedings that Penmont has presented in order to regain access to the
lands, as well as other ongoing proceedings including claims by members of the agrarian community requesting the cancellation of Penmont\u2019s property deed
over this area, which claims Penmont believes are without merit. All such proceedings are pending final resolution. Therefore, the Group continues to recognise
property, plant and equipment and inventory related to Soledad & Dipolos, as disclosed in note 13 and note 15, respectively. Due to the fact that it is not yet
certain when access may be granted so that the inventory can be processed, this inventory is classified as a non-current asset.
2. Significant accounting policies continued
Furthermore, claimants from the El Baj\u00edo community also presented claims against occupation agreements they entered into with Penmont, covering land
parcels other than the surface land where Soledad & Dipolos is located. Penmont has had no significant mining operations or specific geological interest
in the affected parcels and these lands are therefore not considered strategic for Penmont. The Agrarian Court has issued rulings declaring such occupation
agreements over those land parcels to be null and void and that Penmont must remediate such lands to the state that they were in before Penmont\u2019s occupation
as well as returning any minerals extracted from this area. The case relating to the claims over these land parcels remains subject to final conclusion. However,
given that Penmont has not conducted significant mining operations or had specific geological interest in these land parcels, any contingencies relating to such
land parcels are not considered material by the Group. There are no material assets recognised in respect of these land parcels at 31 December 2022 or
31 December 2021.
Layback agreement:
In December 2020, the Group entered into multiple contracts with Orla Mining Ltd. and its Mexican Subsidiary, Minera Camino Rojo, S.A. de C.V. (together herein
referred to as \u2018Orla\u2019), granting Orla the right to expand the Camino Rojo oxide pit onto Fresnillo\u2019s \u2018Guachichil D1\u2019 mineral concession. Based on the terms of the
contracts, the Group will transfer the legal rights to access and mine the mineral concession to Orla.
Due to the fact that the contracts were negotiated together, the Group has considered the layback contracts as a single agreement (Layback Agreement) for
the purpose of determining the accounting implications of the transaction. The Group determined that the transaction should be accounted for as the sale of
a single intangible asset. As such, it is relevant to consider the point at which control transfers in accordance with the requirements of IFRS 15 regarding when
a performance obligation is satisfied and in light of the continuing performance obligations on the part of the Group.
The effectiveness of the agreement was subject to the approval of the Mexican Federal Competition Commission (COFECE), which was granted in February
2021. The consideration includes three payments: US$25.0 million that was paid upon the approval of COFECE, US$15.0 million that was paid in November
2022, and US$22.8 million that will be paid no later than 1 December 2023. The future amounts bear interest at an annual rate of 5%. Upon notification of
approval by COFECE, the Group recognised the fair value of consideration set out in the contract (US$67.2 million, being the cash flows set out above
discounted at the risk-free rate).
As set out in the Layback Agreement the Group had continued to provide support to Orla in respect of other negotiations relevant to their acquisition of the
rights to access from the local ejido, thus the Company had recognised the total value of the agreement as deferred income. In December 2022 the Group
successfully concluded with the support to Orla with respect to the negotiations relevant to the acquisition of the rights to access. Thus, the Company
considers all the obligations established in the Layback Agreement to have been completed and has recognised the total value of the agreement in profit
or loss as other income.
Juanicipio project:
The Group assesses the stage of each mine under development/construction to determine when a mine moves into the production phase, this being when
the mine is substantially complete and ready for its intended use. The criteria used to assess the start date are determined based on the nature of each mine
project, considering its complexity, location and other relevant factors.
The criteria to assess this date considers the level of capital expenditure compared with the estimated construction cost, the availability of ore reserves to
sustain ongoing extraction, the extraction of ore from production areas and the production feasibility considering the operating resources available.
When the production phase is considered to have commenced, all related costs are transferred from \u2018Construction in progress\u2019 to the relevant class of \u2018Property,
plant and equipment\u2019. At this stage, the capitalisation of development costs ceases, depreciation commences, and additional costs are either recognised as
costs of inventories or expenses, except for those that qualify for capitalisation relating to mining asset additions or improvements, underground mine
development or mineable reserve development.
During 2021 the Group finalised the construction of the Juanicipio project. As of 1 January 2022, the mine started commercial production, while the plant
commissioning activities were postponed due to delays in the connection of the plant to the national electricity grid. Consequently, the Group assessed the
production start date for the mine and the plant separately. As a result, the Group determined that the Juanicipio mine started operations from 1 January 2022.
During 2022 the activities necessary to connect the plant to the national electricity grid continued and in December were concluded satisfactorily. The Group
has determined that as of 31 December 2022, the plant facilities are substantially complete and the commissioning process has begun. As at 31 December 2022
the plant\u2019s assets US$228.3 million are presented within property, plant and equipment and its depreciation will commence once production takes place. The
costs incurred as a part of the testing of equipment prior to the connection to the power grid including employees training has been considered as unabsorbed
production cost as presented in note 6.
Climate change:
In the climate disclosure in the Strategic Report, the Group\u2019s set out its assessment of climate risks and opportunities (CROs). The Group recognises that
there may be potential financial statement implications in the future in respect of the mitigation and adaptation measures to the physical and transition risks.
The potential effect of climate change would be in respect of assets and liabilities that are measured based on an estimate of future cash flows. The Group
specifically considered the effect of climate change on the valuation of property, plant and equipment, deferred tax assets, the Silverstream contract and the
provision for mine closure cost. The Group does not have any assets or liabilities for which measurement is directly linked to climate change performance (for
example: Sustainability-Linked Bonds).
The main ways in which climate has affected the preparation of the financial statements are:
\u2022 The Group has already made certain climate-related strategic decisions, such as to focus on decarbonisation and to increase wind energy. Where decisions
have been approved by the Board, the effects were considered in the preparation of these financial statements by way of inclusion in future cash flow
projections underpinning the estimation of the recoverable amount of property, plant and equipment and deferred tax assets, as relevant.
\u2022 As described in note 14, the costs inherent in the Silverstream contract are determined based on the provisions of that contract. This reduces the exposure
of the valuation of the asset to the effect of any cost implications related to CROs.
\u2022 Further information about the potential effect of CROs on the provision for mine closure cost is set out in note 21.
The Group\u2019s strategy consists of mitigation and adaptation measures. To mitigate the impacts by and on climate change the Company relies on renewable
electricity, fuel replacement and efficiency opportunities to reduce the carbon footprint. The approach to adaptation measures is based on climate models
to produce actionable information for the design, construction, operation and closure of its mining assets, considering climate change. In addition, societal
expectations are driving government action that may impose further requirements and cost on companies in the future. Future changes to the Group\u2019s climate
change strategy, global decarbonisation signposts and regulation may impact the Group\u2019s significant judgements and key estimates and result in material
changes to financial results and the carrying values of certain assets and liabilities in future reporting periods. However, as at the balance sheet date the Group
believes there is no material impact on balance sheet carrying values of assets or liabilities. Although this is an estimate, it is not considered a critical estimate.
Estimates and assumptions
Significant areas of estimation uncertainty considered by management in preparing the consolidated financial statements include:
Estimated recoverable ore reserves and mineral resources, note 2(e):
Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Group\u2019s mining properties. Mineral resources are an
identified mineral occurrence with reasonable prospects for eventual economic extraction. The Group estimates its ore reserves and mineral resources based
on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and
suitable production techniques and recovery rates, in conformity with the Joint Ore Reserves Committee (JORC) code 2012. Such an analysis requires complex
geological judgements to interpret the data. The estimation of recoverable ore reserves and mineral resources is based upon factors such as geological
assumptions and judgements made in estimating the size and grade of the ore body, estimates of commodity prices, foreign exchange rates, future capital
requirements and production costs.
As additional geological information is produced during the operation of a mine, the economic assumptions used and the estimates of ore reserves and mineral
resources may change. Such changes may impact the Group\u2019s reported balance sheet and income statement including:
\u2022 The carrying value of property, plant and equipment and mining properties may be affected due to changes in the recoverable amount, which consider both
ore reserves and mineral resources, refer to note 13;
\u2022 Depreciation and amortisation charges in the income statement may change where such charges are determined using the unit-of-production method
based on ore reserves, refer to note 13;
\u2022 Stripping costs capitalised in the balance sheet, either as part of mine properties or inventory, or charged to profit or loss may change due to changes in
stripping ratios, refer to note 13;
\u2022 Provisions for mine closure costs may change where changes to the ore reserve and resources estimates affect expectations about when such activities
will occur, refer to note 21; and
\u2022 The recognition and carrying value of deferred income tax assets may change due to changes regarding the existence of such assets and in estimates of
the likely recovery of such assets, refer to note 11.
Estimate of recoverable ore on leaching pads (note 15)
In the Group\u2019s open pit mines, certain mined ore is placed on leaching pads where a solution is applied to the surface of the heap to dissolve the gold and enable
extraction. The determination of the amount of recoverable gold requires estimation with consideration of the quantities of ore placed on the pads, the grade
of the ore (based on assay data) and the estimated recovery percentage (based on metallurgical studies and current technology).
The grades of ore placed on pads are regularly compared to the quantities of metal recovered through the leaching process to evaluate the appropriateness of
the estimated recovery (metallurgical balancing). The Group monitors the results of the metallurgical balancing process and recovery estimates are refined
based on actual results over time and when new information becomes available. Any potential future adjustment would be applicable from the point of re-
estimation and would not by itself change the value of inventory and as such no sensitivity included.
Silverstream (note 14):
The valuation of the Silverstream contract as a derivative financial instrument requires estimation by management. The term of the derivative is based on the
Sabinas life of mine and the value of this derivative is determined using a number of estimates, including the estimated recoverable ore reserves and mineral
resources and future production profile of the Sabinas mine on the same basis a market participant would consider, the estimated recoveries of silver from ore
mined, estimates of the future price of silver and the discount rate used to discount future cash flows. For further detail on the inputs that have a significant
effect on the fair value of this derivative, and the impact of changes in key assumptions are included in note 14.
Income tax, notes 2 (q) and 11:
The recognition of deferred tax assets, including those arising from un-utilised tax losses, requires management to assess the likelihood that the Group will
generate taxable earnings in future periods, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash
flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly
from estimates, the ability of the Group to realise the net deferred tax assets recorded at the balance sheet date could be impacted.
Covid-19
During 2022, the Group continued to apply measures to safeguard the health of its employees and their local communities while continuing to operate safely
and responsibly. During 2022 operations have not been suspended, all mines have operated at normal production capacity. The Group incurred other production
costs of US$2.7 million (2021: US$4.7 million) related to Covid-19 measures which include community support, the acquisition of additional personal protective
equipment and other safety measures. These are presented in cost of sales.
During 2022 and 2021, attempts at containment of Covid-19 have resulted in decreased economic activity, which has adversely affected the broader global
economy. In the current environment, assumptions about future commodity prices, exchange rates, and interest rates are subject to greater variability than
normal, which could in the future affect the valuation of the Group\u2019s assets and liabilities, both financial and non-financial. As at 31 December 2022, there were
no material changes to the valuation of the Group\u2019s asset and liabilities as a result of Covid-19.
2. Significant accounting policies continued (d) Foreign currency translation The Group\u2019s consolidated financial statements are presented in US dollars, which is the Parent Company\u2019s functional currency. The functional currency for each entity in the Group is determined by the currency of the primary economic environment in which it operates. The determination of functional currency requires management judgement, particularly where there may be more than one currency in which transactions are undertaken and which impact the economic environment in which the entity operates. For all operating entities, this is US dollars. Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are re-translated at the rate of exchange ruling at the balance sheet date. All differences that arise are recorded in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated into US dollars using the exchange rate at the date when the fair value is determined. For entities with functional currencies other than US dollars as at the reporting date, assets and liabilities are translated into the reporting currency of the Group by applying the exchange rate at the balance sheet date and the income statement is translated at the average exchange rate for the year. The resulting difference on exchange is included as a cumulative translation adjustment in other comprehensive income. On disposal of an entity, the deferred cumulative amount recognised in other comprehensive income relating to that operation is recognised in the income statement. (e) Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and impairment, if any. Cost comprises the purchase price and any costs directly attributable to bringing the asset into working condition for its intended use. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. The cost less the residual value of each item of property, plant and equipment is depreciated over its useful life. Each item\u2019s estimated useful life has been assessed with regard to both its own physical life limitations and the present assessment of economically recoverable reserves of the mine property at which the item is located. Estimates of remaining useful lives are made on a regular basis for all mine buildings, machinery and equipment, with annual reassessments for major items. Depreciation is charged to cost of sales on a unit-of-production (UOP) basis for mine buildings and installations, plant and equipment used in the mine production process (except mobile equipment) or on a straight-line basis over the estimated useful life of the individual asset that are not related to the mine production process. Changes in estimates, which mainly affect unit-of-production calculations, are accounted for prospectively. Depreciation commences when assets are available for use. Land is not depreciated. The average expected useful lives are as follows: Years Buildings 8 Plant and equipment 10 Mining properties and development costs 1 8 Other assets 4 1 Depreciation of mining properties and development cost are determined using the unit-of-production method. An item of property, plant and equipment is de-recognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising at de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year that the asset is de-recognised. Non-current assets or disposal groups are classified as held for sale when it is expected that the carrying amount of the asset will be recovered principally through sale rather than through continuing use. Assets are not depreciated when classified as held for sale. Disposal of assets Gains or losses from the disposal of assets are recognised in the income statement when all significant risks and rewards of ownership are transferred to the customer, usually when title has been passed. Mining properties and development costs Payments for mining concessions are expensed during the exploration phase of a prospect and capitalised during the development of the project when incurred. Purchased rights to ore reserves and mineral resources are recognised as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Mining concessions, when capitalised, are amortised on a straight-line basis over the period of time in which benefits are expected to be obtained from that specific concession. Mine development costs are capitalised as part of property, plant and equipment. Mine development activities commence once a feasibility study has been performed for the specific project. When an exploration prospect has entered into the advanced exploration phase and sufficient evidence of the probability of the existence of economically recoverable minerals has been obtained pre-operative expenses relating to mine preparation works are also capitalised as a mine development cost. The initial cost of a mining property comprises its construction cost, any costs directly attributable to bringing the mining property into operation, the initial
estimate of the provision for mine closure cost, and, for qualifying assets, borrowing costs. The Group cease the capitalisation of borrowing cost when the
physical construction of the asset is complete and is ready for its intended use.
Ore generated as part of the development stage may be processed and sold, giving rise to revenue before the commencement of commercial production.
Where such processing is necessary to bring mining assets into the condition required for their intended use (for example, in testing the plants at the mining
unit in development), revenues from metals recovered from such activities are recognised in profit or loss.
Upon commencement of production, capitalised expenditure is depreciated using the unit-of-production method based on the estimated economically proven
and probable reserves to which they relate.
Mining properties and mine development are stated at cost, less accumulated depreciation and impairment in value, if any.
Construction in progress
Assets in the course of construction are capitalised as a separate component of property, plant and equipment. On completion, the cost of construction is
transferred to the appropriate category of property, plant and equipment. The cost of construction in progress is not depreciated.
Subsequent expenditures
All subsequent expenditure on property, plant and equipment is capitalised if it meets the recognition criteria, and the carrying amount of those parts that are
replaced, is de-recognised. All other expenditure including repairs and maintenance expenditure is recognised in the income statement as incurred.
Stripping costs
In a surface mine operation, it is necessary to remove overburden and other waste material in order to gain access to the ore bodies (stripping activity). During
development and pre-production phases, the stripping activity costs are capitalised as part of the initial cost of development and construction of the mine
(the stripping activity asset) and charged as depreciation or depletion to cost of sales, in the income statement, based on the mine\u2019s units of production once
commercial operations begin.
Removal of waste material normally continues throughout the life of a surface mine. At the time that saleable material begins to be extracted from the surface
mine the activity is referred to as production stripping.
Production stripping cost is capitalised only if the following criteria are met:
\u2022 It is probable that the future economic benefits (improved access to an ore body) associated with the stripping activity will flow to the Group;
\u2022 The Group can identify the component of an ore body for which access has been improved; and
\u2022 The costs relating to the improved access to that component can be measured reliably.
If not all of the criteria are met, the production stripping costs are charged to the income statement as operating costs as they are incurred.
Stripping activity costs associated with such development activities are capitalised into existing mining development assets, as mining properties and
development cost, within property, plant and equipment, using a measure that considers the volume of waste extracted compared with expected volume, for a
given volume of ore production. This measure is known as \u2018component stripping ratio\u2019, which is revised annually in accordance with the mine plan. The amount
capitalised is subsequently depreciated over the expected useful life of the identified component of the ore body related to the stripping activity asset, by using
the units of production method. The identification of components and the expected useful lives of those components are evaluated as new information of
reserves and resources is available. Depreciation is recognised as cost of sales in the income statement.
The capitalised stripping activity asset is carried at cost less accumulated depletion/depreciation, less impairment, if any. Cost includes the accumulation of
costs directly incurred to perform the stripping activity that improves access to the identified component of ore, plus an allocation of directly attributable
overhead costs. The costs associated with incidental operations are excluded from the cost of the stripping activity asset.
(f) Impairment of non-financial assets
The carrying amounts of non-financial assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be
recoverable. At each reporting date, an assessment is made to determine whether there are any indicators of impairment. If there are indicators of impairment,
an exercise is undertaken to determine whether carrying values are in excess of their recoverable amount. Such reviews are undertaken on an asset by asset
basis, except where such assets do not generate cash flows independent of those from other assets or groups of assets, and then the review is undertaken at
the cash generating unit level.
If the carrying amount of an asset or its cash generating unit exceeds the recoverable amount, a provision is recorded to reflect the asset at the recoverable
amount in the balance sheet. Impairment losses are recognised in the income statement.
The recoverable amount of an asset
The recoverable amount of an asset is the greater of its value in use and fair value less costs of disposal. In assessing value in use, 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. The cash flows used to determine the recoverable amount of mining assets are based on the mine plan for each mine. The mine plan is determined
based on the estimated and economically proven and probable reserves, as well as certain other resources that are assessed as highly likely to be converted
into reserves. Fair value less cost of disposal is based on an estimate of the amount that the Group may obtain in an orderly sale transaction between market
participants. For an asset that does not generate cash inflows largely independently of those from other assets, or groups of assets, the recoverable amount
is determined for the cash generating unit to which the asset belongs. The Group\u2019s cash generating units are the smallest identifiable groups of assets that
generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
2. Significant accounting policies continued
Reversal of impairment
An assessment is made each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have
decreased. If such an indication exists, the Group makes an estimate of the recoverable amount. A previously recognised impairment loss is reversed only if there
has been a change in estimates used to determine the asset\u2019s recoverable amount since the impairment loss was recognised. If that is the case, the carrying
amount of the asset is increased to the recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net
of depreciation, had no impairment loss been recognised in previous years. Such impairment loss reversal is recognised in the income statement.
(g) Financial assets and liabilities
Financial assets
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured at amortised cost;
\u2022 those to be measured subsequently at fair value through OCI; and
\u2022 those to be measured subsequently at fair value through profit or loss.
The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for
trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair
value through other comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular
way trades) are recognised on the trade date i.e. the date that the Group commits to purchase or sell the asset.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL),
transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in
profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal
and interest.
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset.
Classification
The Group holds the following financial assets:
Amortised cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at
amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on
derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses
are presented as separate line item in the statement of profit or loss.
The Group\u2019s financial assets at amortised cost include receivables (other than trade receivables which are measured at fair value through profit and loss).
Equity instruments designated as fair value through other comprehensive income
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when
they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an
instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when
the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which
case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
The Group elected to classify irrevocably its listed equity investments under this category.
Fair value through profit or loss
Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at
FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement of profit or loss as applicable.
The Group\u2019s trade receivables and derivative financial instruments, including the Silverstream contract, are classified as fair value through profit or loss.
De-recognition of financial assets
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The
impairment methodology applied depends on whether there has been a significant increase in credit risk.
For receivables (other than trade receivables which are measured at FVPL), the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognised from initial recognition of the receivables.
Financial liabilities
The Group classifies its financial liabilities as follows:
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives
designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative financial instruments.
Classification
For purposes of subsequent measurement, financial liabilities held by the Group are classified as financial liabilities as amortised cost.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation
is included as finance costs in the statement of profit or loss.
De-recognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by
another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification
is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in
the statement of profit or loss.
(h) Inventories
Finished goods, work in progress and ore stockpile inventories are measured at the lower of cost and net realisable value. Cost is determined using the
weighted average cost method based on cost of production which excludes borrowing costs.
For this purpose, the costs of production include:
\u2022 personnel expenses, which include employee profit sharing;
\u2022 materials and contractor expenses which are directly attributable to the extraction and processing of ore;
\u2022 the depreciation of property, plant and equipment used in the extraction and processing of ore; and
\u2022 related production overheads (based on normal operating capacity).
Work in progress inventory comprises ore in leaching pads as processing is required to extract benefit from the ore. The recovery of gold is achieved through
the heap leaching process. The leaching process may take months to obtain the expected metal recovery and mainly depends on the continuity of the leaching
process. When the ore in leaching pads is in active leaching, it is classified as current. When the leaching process has stopped and not expected to restart
within 12 months, ore in the leaching pads affected is classified as non-current.
Operating materials and spare parts are valued at the lower of cost or net realisable value. An allowance for obsolete and slow-moving inventories is determined
by reference to specific items of stock. A regular review is undertaken by management to determine the extent of such an allowance.
Net realisable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and disposal.
(i) Cash and cash equivalents
For the purposes of the balance sheet, cash and cash equivalents comprise cash at bank, cash on hand and short-term deposits held with banks that are
readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. Short-term deposits earn interest at the
respective short-term deposit rates between one day and three months.
2. Significant accounting policies continued (j) Provisions Mine closure cost A provision for mine closure cost is made in respect of the estimated future costs of closure, restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) based on a mine closure plan, in the accounting period when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included within finance costs. At the time of establishing the provision, a corresponding asset is capitalised where it gives rise to a future economic benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis by the Group for changes in cost estimates, discount rates or life of operations. Changes to estimated future costs are recognised in the balance sheet by adjusting the mine closure cost liability and the related asset originally recognised. If, for mature mines, the revised mine assets net of mine closure cost provisions exceed the recoverable value, the portion of the increase is charged directly as an expense. For closed sites, changes to estimated costs are recognised immediately in profit or loss. (k) Employee benefits The Group operates the following plans for its employees based on Mexico: Defined benefit pension plan This funded plan is based on each employee\u2019s earnings and years of service. This plan was open to all employees in Mexico until it was closed to new entrants on 1 July 2007. The plan is denominated in Mexican Pesos. For members as at 30 June 2007, benefits were frozen at that date subject to indexation with reference to the Mexican National Consumer Price Index (NCPI). The present value of defined benefit obligations under the plan is determined using the projected unit credit actuarial valuation method and prepared by an external actuarial firm as at each year end balance sheet date. The discount rate is the yield on bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. Actuarial gains or losses are recognised in OCI and permanently excluded from profit or loss. Past service costs are recognised when the plan amendment or curtailment occurs and when the entity recognises related restructuring costs or termination benefits. The defined benefit asset or liability comprises the present value of the defined benefit obligation less the fair value of plan assets out of which the obligations are to be settled directly. The value of any asset is restricted to the present value of any economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan. Net interest cost is recognised within finance cost and return on plan assets (other than amounts reflected in net interest cost) is recognised in OCI and permanently excluded from profit or loss. Defined contribution pension plan A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss when they are due. The contributions are based on the employee\u2019s salary. This plan started on 1 July 2007 and it is voluntary for all employees to join this scheme. Seniority premium for voluntary separation This unfunded plan corresponds to an additional payment over the legal seniority premium equivalent to approximately 12 days of salary per year for those unionised workers who have more than 15 years of service. Non-unionised employees with more than 15 years of service have the right to a payment equivalent to 12 days for each year of service. For both cases, the payment is based on the legal current minimum salary. The cost of providing benefits for the seniority premium for voluntary separation is determined using the projected unit credit actuarial valuation method and prepared by an external actuarial firm as at each year end balance sheet date. Actuarial gains or losses are recognised as income or expense in the period in which they occur. Other Benefits for death and disability are covered through insurance policies. Termination payments for involuntary retirement (dismissals) are charged to the income statement, when incurred. (l) Employee profit sharing In accordance with the Mexican legislation, companies in Mexico are subject to pay for employee profit sharing (\u2018PTU\u2019) equivalent to ten percent of the taxable income of each fiscal year capped to three months of salary or average of the profit sharing paid in the last three years. PTU is accounted for as employee benefits and is calculated based on the services rendered by employees during the year, considering their most recent salaries. The liability is recognised as it accrues and is charged to the income statement. PTU, paid in each fiscal year, is deductible for income tax purposes. (m) Leases
Group as a lessee
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following
lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payment that are based on an index or a rate;
\u2022 amounts expected to be payable by the lessee under residual value guarantees;
\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is
used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with
similar terms and conditions.
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of lease liability;
\u2022 any lease payments made at or before the commencement date less any lease incentives received;
\u2022 any initial direct costs; and
\u2022 restoration costs.
Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a
constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s
useful life and the lease term on a straight-line basis.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until
they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the
right-of-use asset.
Variable lease payments that are not linked to price changes due to changes in a market rate or the value of an index and are linked to future performance or
use of an underlying asset are not included in the measurement of the lease liability. Such cost are recognised in profit and loss as incurred.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term
leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment.
(n) Revenue from contracts with customers
Revenue is recognised when control of goods or services transfers to the customer based on the performance obligations settle in the contracts
with customers.
Sale of goods
Revenue associated with the sale of concentrates, dor\u00e9, slag, precipitates and activated carbon (the products) is recognised when control of the asset sold is
transferred to the customer. Indicators of control transferring include an unconditional obligation to pay, legal title, physical possession, transfer of risk and
rewards and customer acceptance. This generally occurs when the goods are delivered to the customer\u2019s smelter or refinery agreed with the buyer; at which
point the buyer controls the goods. Inventory in transit to the smelter or refinery does not represent a significant proportion of total revenue at the end of the
reporting period given the distance to the mine units.
The revenue is measured at the amount to which the Group expects to be entitled, being the estimate of the price expected to be received in the expected
month of settlement and the Group\u2019s estimate of metal quantities based on assay data, and a corresponding trade receivable is recognised. Any future changes
that occur before settlement are embedded within the provisionally priced trade receivables and are, therefore, within the scope of IFRS 9 and not within the
scope of IFRS 15.
Given the exposure to the commodity price, these provisionally priced trade receivables will fail the cash flow characteristics test within IFRS 9 and will be
required to be measured at fair value through profit or loss up from initial recognition and until the date of settlement. These subsequent changes in fair value
are recognised in revenue but separately from revenue from contracts with customers.
Sales contracts with our customer establish that for products other than refined silver and gold, refining and treatment charges are deducted from revenue
from sales of products. Refining and treatment charges represent an element of the cost that will be incurred by our customer in processing the products
further to extract the metal content for onward sale to its customers.
2. Significant accounting policies continued
(o) Exploration expenses
Exploration activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an
identified resource.
Exploration expenses are charged to the income statement as incurred and are recorded in the following captions:
\u2022 Cost of sales: costs relating to in-mine exploration, that ensure continuous extraction quality and extend mine life; and
\u2022 Exploration expenses:
- Costs incurred in geographical proximity to existing mines in order to replenish or increase reserves.
- Costs incurred in regional exploration with the objective of locating new ore deposits in Mexico and Latin America and which are identified by project.
- Costs incurred are charged to the income statement until there is sufficient probability of the existence of economically recoverable minerals and a
feasibility study has been performed for the specific project from which time further expenses are capitalised as exploration costs on balance sheet
as Property, plant and equipment.
(p) Selling expenses
The Group recognises in selling expenses a levy in respect of the Extraordinary Mining Right as sales of gold and silver are recognised. The Extraordinary Mining
Right consists of a 0.5% rate, applicable to the owners of mining titles. The payment must be calculated over the total sales of all mining concessions. The
payment of this mining right must be remitted no later than the last business day of March of the following year and can be credited against corporate income tax.
The Group also recognises in selling expenses a discovery premium royalty equivalent to 1% of the value of the mineral extracted and sold during the year from
certain mining titles granted by the Mexican Geological Survey (SGM) in the San Juli\u00e1n mine. The premium is settled to SGM on a quarterly basis.
(q) Taxation
Current income tax
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the country
the Group operates.
Deferred income tax
Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences, except:
\u2022 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business
combination and, at the time of transaction, affects neither the accounting profit nor taxable profit loss; and
\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent
that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and
unused tax losses can be utilised, except:
\u2022 where the deferred income tax asset relating to deductible temporary differences arise from the initial recognition of an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
\u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax
assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be
available against which the temporary differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future
taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled,
based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
Deferred income tax relating to items recognised directly in other comprehensive income is recognised in equity and not in the income statement.
Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income
tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.
Mining Rights
The Special Mining Right is considered an income tax under IFRS and states that the owners of mining titles and concessions are subject to pay an annual
mining right of 7.5% of the profit derived from the extractive activities (see note 11 (e)). The Group recognises deferred tax assets and liabilities on temporary
differences arising in the determination of the Special Mining Right (see note 11).
Sales tax
Expenses and assets are recognised net of the amount of sales tax, except when the sales tax incurred on a purchase of assets or services is not recoverable
from the taxation authority, in which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item. The net
amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet.
(r) Derivative financial instruments and hedging
The Group uses derivatives to reduce certain market risks derived from changes in foreign exchange and commodities price which impact its financial and
business transactions. Hedges are designed to protect the value of expected production against the dynamic market conditions.
Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. The full fair value
of a derivative is classified as non-current asset or liability if the remaining maturity of the item is more than 12 months.
Any gains or losses arising from changes in fair value on derivatives during the year that do not qualify for hedge accounting are taken directly to the income
statement as finance income or finance cost respectively.
Derivatives are valued using valuation approaches and methodologies (such as Black Scholes and Net Present Value) applicable to the specific type of derivative
instrument. The fair value of forward currency and commodity contracts is calculated by reference to current forward exchange rates for contracts with similar
maturity profiles, European foreign exchange options are valued using the Black Scholes model. The Silverstream contract is valued using a Net Present Value
valuation approach.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess
whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge
ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the
quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges which meet the criteria for hedge accounting are accounted for as follows:
Cash flow hedges
For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivative instruments is recorded as in
other comprehensive income and are transferred to the income statement when the hedged transaction affects profit or loss, such as when a forecast sale or
purchase occurs. For gains or losses related to the hedging of foreign exchange risk these are included, in the line item in which the hedged costs are reflected.
Where the hedged item is the cost of a non-financial asset or liability, the amounts recognised in other comprehensive income are transferred to the initial
carrying amount of the non-financial asset or liability. This is not a reclassification adjustment and will not be recognised in OCI for the period. The ineffective
portion of changes in the fair value of cash flow hedges is recognised directly as finance costs, in the income statement of the related period.
If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative
gain or loss recognised directly in other comprehensive income from the period that the hedge was effective remains separately in other comprehensive
income until the forecast transaction occurs, when it is recognised in the income statement. 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 income statement.
When hedging with options, the Group designates only the intrinsic value movement of the hedging option within the hedge relationship. The time value of the
option contracts is therefore excluded from the hedge designation. In such cases, changes in the time value of options are initially recognised in OCI as a cost
of hedging. Where the hedged item is transaction related, amounts initially recognised in OCI related to the change in the time value of options are reclassified
to profit or loss or as a basis adjustment to non-financial assets or liabilities upon maturity of the hedged item, or, in the case of a hedged item that realises over
time, the amounts initially recognised in OCI are amortised to profit or loss on a systematic and rational basis over the life of the hedged item.
When hedging with forward contracts, the forward element is included in the designation of the financial instrument. Therefore, there is no cost of hedging in
relation to forward contracts.
(s) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes 12 or more months to get ready for its
intended use or sale (a qualifying asset) are capitalised as part of the cost of the respective asset. Borrowing costs consist of interest and other costs that an
entity incurs in connection with the borrowing of funds.
Where funds are borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where surplus funds are
available for a short term from funds borrowed specifically to finance a project, the income generated from the temporary investment of such amounts is also
capitalised and deducted from the total capitalised borrowing cost. Where the funds used to finance a project form part of general borrowings, the amount
capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the period.
All other borrowing costs are recognised in the income statement in the period in which they are incurred.
2. Significant accounting policies continued
(t) Fair value measurement
The Group measures financial instruments at fair value at each balance sheet date. Fair values of financial instruments measured at amortised cost are
disclosed in notes 30 and 30 (b).
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022 In the principal market for the asset or liability; or
\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible to the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that
market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its
highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the
use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of
each reporting period.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset
or liability and the level of the fair value hierarchy as explained above. Further information on fair values is described in note 30.
(u) Dividend distribution
Dividends on the Company\u2019s Ordinary Shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s discretion.
Accordingly, interim dividends are recognised when they are paid and final dividends are recognised when they are declared following approval by shareholders
at the Company\u2019s Annual General Meeting.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-499": {
"value": "(a) Basis of preparation and consolidation, and statement of compliance Basis of preparation and statement of compliance The Group consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and in accordance with the provisions of the Companies Act 2006. The consolidated financial statements have been prepared on a historical cost basis, except for trade receivables, derivative financial instruments, equity securities and defined benefit pension scheme assets which have been measured at fair value. The consolidated financial statements are presented in dollars of the United States of America (US dollars or US$) and all values are rounded to the nearest thousand ($000) except when otherwise indicated. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "(a) Basis of preparation and consolidation, and statement of compliance Basis of preparation and statement of compliance The Group consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and in accordance with the provisions of the Companies Act 2006. The consolidated financial statements have been prepared on a historical cost basis, except for trade receivables, derivative financial instruments, equity securities and defined benefit pension scheme assets which have been measured at fair value. The consolidated financial statements are presented in dollars of the United States of America (US dollars or US$) and all values are rounded to the nearest thousand ($000) except when otherwise indicated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out above in the Strategic Review on pages 2-157. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review in pages 52-61. In addition, note 31 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. In making their assessment of the Group\u2019s ability to manage its future cash requirements, the Directors have considered the Company and Group budgets and the cash flow forecasts for the period to 31 December 2024 (being the going concern assessment period). The Directors have also considered the cash position as of 31 December 2022 (US$ 969.1 million) and the net current asset position (US$1,252.3 million), which includes the debt repayment due in 2023 (US$317.9 million), as described in the financial review. In addition, they reviewed a more conservative cash flow scenario with reduced silver and gold prices of US$20.0 and US$1,718 respectively throughout this period, whilst maintaining current budgeted expenditure and only considering projects approved by the Executive Committee. This resulted in our current cash and cash equivalents balances reducing over time but maintaining sufficient liquidity throughout the period. The Directors have further calculated prices (US$18.5 and US$1,574 for silver and gold respectively), which should they prevail to the end of 2024 would result in cash balances decreasing to minimal levels by the end of 2024, without applying mitigations. Should metal prices remain below the stressed prices above for an extended period, management have identified specific elements of capital and exploration expenditures which could be deferred without adversely affecting production profiles throughout the period. Finally, management could amend the mining plans to concentrate on production with a higher margin in order to accelerate cash generation without affecting the integrity of the mine plans. Previously, the Directors reviewed scenarios that incorporated an estimated potential impact of government-imposed stoppages due to Covid-19 restrictions. The Directors reassessed the situation in the current year, considering in particular the fact mining was declared an essential activity by the Federal Government and there have been no further stoppages at any of our mines. Furthermore, as previously reported, we have implemented additional health and safety measures at each of our mines coupled with extensive targeted and random testing. The Directors concluded that the risk of government-imposed stoppages was low and therefore disclosure of a specific Covid scenario is no longer relevant. After reviewing all of the above considerations, the Directors have a reasonable expectation that management have sufficient flexibility in adverse circumstances to maintain adequate resources to continue in operational existence for the foreseeable future. The Directors, therefore, continue to adopt the going concern basis of accounting in preparing the annual financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "Basis of consolidation The consolidated financial statements set out the Group\u2019s financial position as of 31 December 2022 and 2021, and the results of operations and cash flows for the years then ended. Entities that constitute the Group are those enterprises controlled by the Group regardless of the number of shares owned by the Group. The Group controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Entities are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. The Group applies the acquisition method to account for business combinations in accordance with IFRS 3. All intra-group balances, transactions, income and expenses and profits and losses, including unrealised profits arising from intra-group transactions, have been eliminated on consolidation. Unrealised losses are eliminated in the same way as unrealised gains except that they are only eliminated to the extent that there is no evidence of impairment. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein. The interest of non-controlling shareholders may be initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition by-acquisition basis. Subsequent to acquisition, non-controlling interests consist of the amount attributed to such interests at initial recognition and the non-controlling interest\u2019s share of changes in equity since the date of the combination. Any losses of a subsidiary are attributed to the non-controlling interests even if that results in a deficit balance. Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, a transaction with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interest are also recorded in equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "(b) Changes in accounting policies and disclosures The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended 31 December 2021, except for the adoption of some amendment as follow: \u2022 Proceeds deducted from the cost of Property, plant and equipment. Amendments to IAS 16, \u2018Property, plant and equipment\u2019 prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. This resulted in a change to the Group\u2019s accounting policies. Ore generated as part of the development stage may be processed and sold, giving rise to revenue before the commencement of commercial production. Prior to 1 January 2022, where such processing was necessary to bring mining assets into the condition required for their intended use (for example, in testing the plants at the mining unit in development), revenues from metals recovered from such activities were credited to mining properties and development costs. From 1 January 2022, such revenue is recognised in profit or loss and cost of sales is measured based on operating cost once commercial production has been initiated. The adoption of this amendment did not have any impact on the financial position or performance of the Group as there were no sales from ore processed by plants in their testing period in the years where the amendment is applicable. New standards, interpretations and amendments (new standards) adopted by the Group Other than above, a number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. Standards, interpretations and amendments issued but not yet effective The IASB has issued other amendments resulting from improvements to IFRSs that management considers do not have any impact on the accounting policies, financial position or performance of the Group. The Group has not early adopted any standard, interpretation or amendment that was issued but is not yet effective. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-500": {
"value": "New standards, interpretations and amendments (new standards) adopted by the Group Other than above, a number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-501": {
"value": "Standards, interpretations and amendments issued but not yet effective The IASB has issued other amendments resulting from improvements to IFRSs that management considers do not have any impact on the accounting policies, financial position or performance of the Group. The Group has not early adopted any standard, interpretation or amendment that was issued but is not yet effective. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "(c) Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances, with regard to prior experience, but actual results may differ from the amounts included in the consolidated financial statements. Information about such judgements and estimates is contained in the accounting policies and/or the notes to the consolidated financial statements. Judgements Areas of judgement, apart from those involving estimations, that have the most significant effect on the amounts recognised in the consolidated financial statements for the year ended 31 December 2022 are: Recognition and classification of assets at Soledad and Dipolos mine: In 2009, five members of the El Baj\u00edo agrarian community in the state of Sonora, who claimed rights over certain surface land in the proximity of the operations of Minera Penmont (\u2018Penmont\u2019), submitted a legal claim before the Unitarian Agrarian Court (Tribunal Unitario Agrario) of Hermosillo, Sonora, to have Penmont vacate an area of this surface land. The land in dispute encompassed a portion of surface area where part of the operations of the Soledad & Dipolos mine are located. The litigation resulted in a definitive court order, with which Penmont complied by vacating 1,824 hectares of land, resulting in the suspension of operations at Soledad & Dipolos. Whilst the claim and the definitive court order did not affect the Group\u2019s legal title over the mining concession or the ore currently held in leaching pads near the mine site, land access at the mine site is required to further exploit the concession at Soledad & Dipolos. In addition to, but separate from, the lands mentioned above, Penmont is the legal and registered owner of the land where the Soledad & Dipolos leaching pads are located but has not yet been able to gain physical access to these pads due to opposition by certain local individuals. This land was purchased by Penmont from the Federal Government of Mexico in accordance with due legal process. The Group has a reasonable expectation that Penmont will eventually regain access to the Soledad & Dipolos assets and process the ore content in the Soledad & Dipolos leaching pads. This expectation considers different scenarios, including but not limited to potential negotiation scenarios and the different legal proceedings that Penmont has presented in order to regain access to the lands, as well as other ongoing proceedings including claims by members of the agrarian community requesting the cancellation of Penmont\u2019s property deed over this area, which claims Penmont believes are without merit. All such proceedings are pending final resolution. Therefore, the Group continues to recognise property, plant and equipment and inventory related to Soledad & Dipolos, as disclosed in note 13 and note 15, respectively. Due to the fact that it is not yet certain when access may be granted so that the inventory can be processed, this inventory is classified as a non-current asset. Furthermore, claimants from the El Baj\u00edo community also presented claims against occupation agreements they entered into with Penmont, covering land parcels other than the surface land where Soledad & Dipolos is located. Penmont has had no significant mining operations or specific geological interest in the affected parcels and these lands are therefore not considered strategic for Penmont. The Agrarian Court has issued rulings declaring such occupation agreements over those land parcels to be null and void and that Penmont must remediate such lands to the state that they were in before Penmont\u2019s occupation as well as returning any minerals extracted from this area. The case relating to the claims over these land parcels remains subject to final conclusion. However, given that Penmont has not conducted significant mining operations or had specific geological interest in these land parcels, any contingencies relating to such land parcels are not considered material by the Group. There are no material assets recognised in respect of these land parcels at 31 December 2022 or 31 December 2021. Layback agreement: In December 2020, the Group entered into multiple contracts with Orla Mining Ltd. and its Mexican Subsidiary, Minera Camino Rojo, S.A. de C.V. (together herein referred to as \u2018Orla\u2019), granting Orla the right to expand the Camino Rojo oxide pit onto Fresnillo\u2019s \u2018Guachichil D1\u2019 mineral concession. Based on the terms of the contracts, the Group will transfer the legal rights to access and mine the mineral concession to Orla. Due to the fact that the contracts were negotiated together, the Group has considered the layback contracts as a single agreement (Layback Agreement) for the purpose of determining the accounting implications of the transaction. The Group determined that the transaction should be accounted for as the sale of a single intangible asset. As such, it is relevant to consider the point at which control transfers in accordance with the requirements of IFRS 15 regarding when a performance obligation is satisfied and in light of the continuing performance obligations on the part of the Group. The effectiveness of the agreement was subject to the approval of the Mexican Federal Competition Commission (COFECE), which was granted in February 2021. The consideration includes three payments: US$25.0 million that was paid upon the approval of COFECE, US$15.0 million that was paid in November 2022, and US$22.8 million that will be paid no later than 1 December 2023. The future amounts bear interest at an annual rate of 5%. Upon notification of approval by COFECE, the Group recognised the fair value of consideration set out in the contract (US$67.2 million, being the cash flows set out above discounted at the risk-free rate). As set out in the Layback Agreement the Group had continued to provide support to Orla in respect of other negotiations relevant to their acquisition of the rights to access from the local ejido, thus the Company had recognised the total value of the agreement as deferred income. In December 2022 the Group successfully concluded with the support to Orla with respect to the negotiations relevant to the acquisition of the rights to access. Thus, the Company considers all the obligations established in the Layback Agreement to have been completed and has recognised the total value of the agreement in profit or loss as other income. Juanicipio project: The Group assesses the stage of each mine under development/construction to determine when a mine moves into the production phase, this being when the mine is substantially complete and ready for its intended use. The criteria used to assess the start date are determined based on the nature of each mine project, considering its complexity, location and other relevant factors. The criteria to assess this date considers the level of capital expenditure compared with the estimated construction cost, the availability of ore reserves to sustain ongoing extraction, the extraction of ore from production areas and the production feasibility considering the operating resources available. When the production phase is considered to have commenced, all related costs are transferred from \u2018Construction in progress\u2019 to the relevant class of \u2018Property, plant and equipment\u2019. At this stage, the capitalisation of development costs ceases, depreciation commences, and additional costs are either recognised as costs of inventories or expenses, except for those that qualify for capitalisation relating to mining asset additions or improvements, underground mine development or mineable reserve development. During 2021 the Group finalised the construction of the Juanicipio project. As of 1 January 2022, the mine started commercial production, while the plant commissioning activities were postponed due to delays in the connection of the plant to the national electricity grid. Consequently, the Group assessed the production start date for the mine and the plant separately. As a result, the Group determined that the Juanicipio mine started operations from 1 January 2022. During 2022 the activities necessary to connect the plant to the national electricity grid continued and in December were concluded satisfactorily. The Group has determined that as of 31 December 2022, the plant facilities are substantially complete and the commissioning process has begun. As at 31 December 2022 the plant\u2019s assets US$228.3 million are presented within property, plant and equipment and its depreciation will commence once production takes place. The costs incurred as a part of the testing of equipment prior to the connection to the power grid including employees training has been considered as unabsorbed production cost as presented in note 6. Climate change: In the climate disclosure in the Strategic Report, the Group\u2019s set out its assessment of climate risks and opportunities (CROs). The Group recognises that there may be potential financial statement implications in the future in respect of the mitigation and adaptation measures to the physical and transition risks. The potential effect of climate change would be in respect of assets and liabilities that are measured based on an estimate of future cash flows. The Group specifically considered the effect of climate change on the valuation of property, plant and equipment, deferred tax assets, the Silverstream contract and the provision for mine closure cost. The Group does not have any assets or liabilities for which measurement is directly linked to climate change performance (for example: Sustainability-Linked Bonds). The main ways in which climate has affected the preparation of the financial statements are: \u2022 The Group has already made certain climate-related strategic decisions, such as to focus on decarbonisation and to increase wind energy. Where decisions have been approved by the Board, the effects were considered in the preparation of these financial statements by way of inclusion in future cash flow projections underpinning the estimation of the recoverable amount of property, plant and equipment and deferred tax assets, as relevant. \u2022 As described in note 14, the costs inherent in the Silverstream contract are determined based on the provisions of that contract. This reduces the exposure of the valuation of the asset to the effect of any cost implications related to CROs. \u2022 Further information about the potential effect of CROs on the provision for mine closure cost is set out in note 21. The Group\u2019s strategy consists of mitigation and adaptation measures. To mitigate the impacts by and on climate change the Company relies on renewable electricity, fuel replacement and efficiency opportunities to reduce the carbon footprint. The approach to adaptation measures is based on climate models to produce actionable information for the design, construction, operation and closure of its mining assets, considering climate change. In addition, societal expectations are driving government action that may impose further requirements and cost on companies in the future. Future changes to the Group\u2019s climate change strategy, global decarbonisation signposts and regulation may impact the Group\u2019s significant judgements and key estimates and result in material changes to financial results and the carrying values of certain assets and liabilities in future reporting periods. However, as at the balance sheet date the Group believes there is no material impact on balance sheet carrying values of assets or liabilities. Although this is an estimate, it is not considered a critical estimate. Estimates and assumptions Significant areas of estimation uncertainty considered by management in preparing the consolidated financial statements include: Estimated recoverable ore reserves and mineral resources, note 2(e): Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Group\u2019s mining properties. Mineral resources are an identified mineral occurrence with reasonable prospects for eventual economic extraction. The Group estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates, in conformity with the Joint Ore Reserves Committee (JORC) code 2012. Such an analysis requires complex geological judgements to interpret the data. The estimation of recoverable ore reserves and mineral resources is based upon factors such as geological assumptions and judgements made in estimating the size and grade of the ore body, estimates of commodity prices, foreign exchange rates, future capital requirements and production costs. As additional geological information is produced during the operation of a mine, the economic assumptions used and the estimates of ore reserves and mineral resources may change. Such changes may impact the Group\u2019s reported balance sheet and income statement including: \u2022 The carrying value of property, plant and equipment and mining properties may be affected due to changes in the recoverable amount, which consider both ore reserves and mineral resources, refer to note 13; \u2022 Depreciation and amortisation charges in the income statement may change where such charges are determined using the unit-of-production method based on ore reserves, refer to note 13; \u2022 Stripping costs capitalised in the balance sheet, either as part of mine properties or inventory, or charged to profit or loss may change due to changes in stripping ratios, refer to note 13; \u2022 Provisions for mine closure costs may change where changes to the ore reserve and resources estimates affect expectations about when such activities will occur, refer to note 21; and \u2022 The recognition and carrying value of deferred income tax assets may change due to changes regarding the existence of such assets and in estimates of the likely recovery of such assets, refer to note 11. Estimate of recoverable ore on leaching pads (note 15) In the Group\u2019s open pit mines, certain mined ore is placed on leaching pads where a solution is applied to the surface of the heap to dissolve the gold and enable extraction. The determination of the amount of recoverable gold requires estimation with consideration of the quantities of ore placed on the pads, the grade of the ore (based on assay data) and the estimated recovery percentage (based on metallurgical studies and current technology). The grades of ore placed on pads are regularly compared to the quantities of metal recovered through the leaching process to evaluate the appropriateness of the estimated recovery (metallurgical balancing). The Group monitors the results of the metallurgical balancing process and recovery estimates are refined based on actual results over time and when new information becomes available. Any potential future adjustment would be applicable from the point of re- estimation and would not by itself change the value of inventory and as such no sensitivity included. Silverstream (note 14): The valuation of the Silverstream contract as a derivative financial instrument requires estimation by management. The term of the derivative is based on the Sabinas life of mine and the value of this derivative is determined using a number of estimates, including the estimated recoverable ore reserves and mineral resources and future production profile of the Sabinas mine on the same basis a market participant would consider, the estimated recoveries of silver from ore mined, estimates of the future price of silver and the discount rate used to discount future cash flows. For further detail on the inputs that have a significant effect on the fair value of this derivative, and the impact of changes in key assumptions are included in note 14. Income tax, notes 2 (q) and 11: The recognition of deferred tax assets, including those arising from un-utilised tax losses, requires management to assess the likelihood that the Group will generate taxable earnings in future periods, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the balance sheet date could be impacted. Covid-19 During 2022, the Group continued to apply measures to safeguard the health of its employees and their local communities while continuing to operate safely and responsibly. During 2022 operations have not been suspended, all mines have operated at normal production capacity. The Group incurred other production costs of US$2.7 million (2021: US$4.7 million) related to Covid-19 measures which include community support, the acquisition of additional personal protective equipment and other safety measures. These are presented in cost of sales. During 2022 and 2021, attempts at containment of Covid-19 have resulted in decreased economic activity, which has adversely affected the broader global economy. In the current environment, assumptions about future commodity prices, exchange rates, and interest rates are subject to greater variability than normal, which could in the future affect the valuation of the Group\u2019s assets and liabilities, both financial and non-financial. As at 31 December 2022, there were no material changes to the valuation of the Group\u2019s asset and liabilities as a result of Covid-19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-502": {
"value": "(d) Foreign currency translation The Group\u2019s consolidated financial statements are presented in US dollars, which is the Parent Company\u2019s functional currency. The functional currency for each entity in the Group is determined by the currency of the primary economic environment in which it operates. The determination of functional currency requires management judgement, particularly where there may be more than one currency in which transactions are undertaken and which impact the economic environment in which the entity operates. For all operating entities, this is US dollars. Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are re-translated at the rate of exchange ruling at the balance sheet date. All differences that arise are recorded in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated into US dollars using the exchange rate at the date when the fair value is determined. For entities with functional currencies other than US dollars as at the reporting date, assets and liabilities are translated into the reporting currency of the Group by applying the exchange rate at the balance sheet date and the income statement is translated at the average exchange rate for the year. The resulting difference on exchange is included as a cumulative translation adjustment in other comprehensive income. On disposal of an entity, the deferred cumulative amount recognised in other comprehensive income relating to that operation is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "(d) Foreign currency translation The Group\u2019s consolidated financial statements are presented in US dollars, which is the Parent Company\u2019s functional currency. The functional currency for each entity in the Group is determined by the currency of the primary economic environment in which it operates. The determination of functional currency requires management judgement, particularly where there may be more than one currency in which transactions are undertaken and which impact the economic environment in which the entity operates. For all operating entities, this is US dollars. Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are re-translated at the rate of exchange ruling at the balance sheet date. All differences that arise are recorded in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated into US dollars using the exchange rate at the date when the fair value is determined. For entities with functional currencies other than US dollars as at the reporting date, assets and liabilities are translated into the reporting currency of the Group by applying the exchange rate at the balance sheet date and the income statement is translated at the average exchange rate for the year. The resulting difference on exchange is included as a cumulative translation adjustment in other comprehensive income. On disposal of an entity, the deferred cumulative amount recognised in other comprehensive income relating to that operation is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "(e) Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and impairment, if any. Cost comprises the purchase price and any costs directly attributable to bringing the asset into working condition for its intended use. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. The cost less the residual value of each item of property, plant and equipment is depreciated over its useful life. Each item\u2019s estimated useful life has been assessed with regard to both its own physical life limitations and the present assessment of economically recoverable reserves of the mine property at which the item is located. Estimates of remaining useful lives are made on a regular basis for all mine buildings, machinery and equipment, with annual reassessments for major items. Depreciation is charged to cost of sales on a unit-of-production (UOP) basis for mine buildings and installations, plant and equipment used in the mine production process (except mobile equipment) or on a straight-line basis over the estimated useful life of the individual asset that are not related to the mine production process. Changes in estimates, which mainly affect unit-of-production calculations, are accounted for prospectively. Depreciation commences when assets are available for use. Land is not depreciated. The average expected useful lives are as follows: Years Buildings 8 Plant and equipment 10 Mining properties and development costs 1 8 Other assets 4 1 Depreciation of mining properties and development cost are determined using the unit-of-production method. An item of property, plant and equipment is de-recognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising at de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year that the asset is de-recognised. Non-current assets or disposal groups are classified as held for sale when it is expected that the carrying amount of the asset will be recovered principally through sale rather than through continuing use. Assets are not depreciated when classified as held for sale. Disposal of assets Gains or losses from the disposal of assets are recognised in the income statement when all significant risks and rewards of ownership are transferred to the customer, usually when title has been passed. Mining properties and development costs Payments for mining concessions are expensed during the exploration phase of a prospect and capitalised during the development of the project when incurred. Purchased rights to ore reserves and mineral resources are recognised as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Mining concessions, when capitalised, are amortised on a straight-line basis over the period of time in which benefits are expected to be obtained from that specific concession. Mine development costs are capitalised as part of property, plant and equipment. Mine development activities commence once a feasibility study has been performed for the specific project. When an exploration prospect has entered into the advanced exploration phase and sufficient evidence of the probability of the existence of economically recoverable minerals has been obtained pre-operative expenses relating to mine preparation works are also capitalised as a mine development cost. The initial cost of a mining property comprises its construction cost, any costs directly attributable to bringing the mining property into operation, the initial estimate of the provision for mine closure cost, and, for qualifying assets, borrowing costs. The Group cease the capitalisation of borrowing cost when the physical construction of the asset is complete and is ready for its intended use. Ore generated as part of the development stage may be processed and sold, giving rise to revenue before the commencement of commercial production. Where such processing is necessary to bring mining assets into the condition required for their intended use (for example, in testing the plants at the mining unit in development), revenues from metals recovered from such activities are recognised in profit or loss. Upon commencement of production, capitalised expenditure is depreciated using the unit-of-production method based on the estimated economically proven and probable reserves to which they relate. Mining properties and mine development are stated at cost, less accumulated depreciation and impairment in value, if any. Construction in progress Assets in the course of construction are capitalised as a separate component of property, plant and equipment. On completion, the cost of construction is transferred to the appropriate category of property, plant and equipment. The cost of construction in progress is not depreciated. Subsequent expenditures All subsequent expenditure on property, plant and equipment is capitalised if it meets the recognition criteria, and the carrying amount of those parts that are replaced, is de-recognised. All other expenditure including repairs and maintenance expenditure is recognised in the income statement as incurred. Stripping costs In a surface mine operation, it is necessary to remove overburden and other waste material in order to gain access to the ore bodies (stripping activity). During development and pre-production phases, the stripping activity costs are capitalised as part of the initial cost of development and construction of the mine (the stripping activity asset) and charged as depreciation or depletion to cost of sales, in the income statement, based on the mine\u2019s units of production once commercial operations begin. Removal of waste material normally continues throughout the life of a surface mine. At the time that saleable material begins to be extracted from the surface mine the activity is referred to as production stripping. Production stripping cost is capitalised only if the following criteria are met: \u2022 It is probable that the future economic benefits (improved access to an ore body) associated with the stripping activity will flow to the Group; \u2022 The Group can identify the component of an ore body for which access has been improved; and \u2022 The costs relating to the improved access to that component can be measured reliably. If not all of the criteria are met, the production stripping costs are charged to the income statement as operating costs as they are incurred. Stripping activity costs associated with such development activities are capitalised into existing mining development assets, as mining properties and development cost, within property, plant and equipment, using a measure that considers the volume of waste extracted compared with expected volume, for a given volume of ore production. This measure is known as \u2018component stripping ratio\u2019, which is revised annually in accordance with the mine plan. The amount capitalised is subsequently depreciated over the expected useful life of the identified component of the ore body related to the stripping activity asset, by using the units of production method. The identification of components and the expected useful lives of those components are evaluated as new information of reserves and resources is available. Depreciation is recognised as cost of sales in the income statement. The capitalised stripping activity asset is carried at cost less accumulated depletion/depreciation, less impairment, if any. Cost includes the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of ore, plus an allocation of directly attributable overhead costs. The costs associated with incidental operations are excluded from the cost of the stripping activity asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "(f) Impairment of non-financial assets The carrying amounts of non-financial assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. At each reporting date, an assessment is made to determine whether there are any indicators of impairment. If there are indicators of impairment, an exercise is undertaken to determine whether carrying values are in excess of their recoverable amount. Such reviews are undertaken on an asset by asset basis, except where such assets do not generate cash flows independent of those from other assets or groups of assets, and then the review is undertaken at the cash generating unit level. If the carrying amount of an asset or its cash generating unit exceeds the recoverable amount, a provision is recorded to reflect the asset at the recoverable amount in the balance sheet. Impairment losses are recognised in the income statement. The recoverable amount of an asset The recoverable amount of an asset is the greater of its value in use and fair value less costs of disposal. In assessing value in use, 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. The cash flows used to determine the recoverable amount of mining assets are based on the mine plan for each mine. The mine plan is determined based on the estimated and economically proven and probable reserves, as well as certain other resources that are assessed as highly likely to be converted into reserves. Fair value less cost of disposal is based on an estimate of the amount that the Group may obtain in an orderly sale transaction between market participants. For an asset that does not generate cash inflows largely independently of those from other assets, or groups of assets, the recoverable amount is determined for the cash generating unit to which the asset belongs. The Group\u2019s cash generating units are the smallest identifiable groups of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Reversal of impairment An assessment is made each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the Group makes an estimate of the recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in estimates used to determine the asset\u2019s recoverable amount since the impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to the recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in previous years. Such impairment loss reversal is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-503": {
"value": "(g) Financial assets and liabilities Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 those to be measured at amortised cost; \u2022 those to be measured subsequently at fair value through OCI; and \u2022 those to be measured subsequently at fair value through profit or loss. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date i.e. the date that the Group commits to purchase or sell the asset. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. Classification The Group holds the following financial assets: Amortised cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The Group\u2019s financial assets at amortised cost include receivables (other than trade receivables which are measured at fair value through profit and loss). Equity instruments designated as fair value through other comprehensive income Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its listed equity investments under this category. Fair value through profit or loss Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement of profit or loss as applicable. The Group\u2019s trade receivables and derivative financial instruments, including the Silverstream contract, are classified as fair value through profit or loss. De-recognition of financial assets Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For receivables (other than trade receivables which are measured at FVPL), the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Financial liabilities The Group classifies its financial liabilities as follows: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative financial instruments. Classification For purposes of subsequent measurement, financial liabilities held by the Group are classified as financial liabilities as amortised cost. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. De-recognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "(g) Financial assets and liabilities Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 those to be measured at amortised cost; \u2022 those to be measured subsequently at fair value through OCI; and \u2022 those to be measured subsequently at fair value through profit or loss. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date i.e. the date that the Group commits to purchase or sell the asset. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. Classification The Group holds the following financial assets: Amortised cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The Group\u2019s financial assets at amortised cost include receivables (other than trade receivables which are measured at fair value through profit and loss). Equity instruments designated as fair value through other comprehensive income Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its listed equity investments under this category. Fair value through profit or loss Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement of profit or loss as applicable. The Group\u2019s trade receivables and derivative financial instruments, including the Silverstream contract, are classified as fair value through profit or loss. De-recognition of financial assets Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For receivables (other than trade receivables which are measured at FVPL), the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Financial liabilities The Group classifies its financial liabilities as follows: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative financial instruments. Classification For purposes of subsequent measurement, financial liabilities held by the Group are classified as financial liabilities as amortised cost. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. De-recognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-516": {
"value": "De-recognition of financial assets Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. De-recognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-517": {
"value": "Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For receivables (other than trade receivables which are measured at FVPL), the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "(h) Inventories Finished goods, work in progress and ore stockpile inventories are measured at the lower of cost and net realisable value. Cost is determined using the weighted average cost method based on cost of production which excludes borrowing costs. For this purpose, the costs of production include: \u2022 personnel expenses, which include employee profit sharing; \u2022 materials and contractor expenses which are directly attributable to the extraction and processing of ore; \u2022 the depreciation of property, plant and equipment used in the extraction and processing of ore; and \u2022 related production overheads (based on normal operating capacity). Work in progress inventory comprises ore in leaching pads as processing is required to extract benefit from the ore. The recovery of gold is achieved through the heap leaching process. The leaching process may take months to obtain the expected metal recovery and mainly depends on the continuity of the leaching process. When the ore in leaching pads is in active leaching, it is classified as current. When the leaching process has stopped and not expected to restart within 12 months, ore in the leaching pads affected is classified as non-current. Operating materials and spare parts are valued at the lower of cost or net realisable value. An allowance for obsolete and slow-moving inventories is determined by reference to specific items of stock. A regular review is undertaken by management to determine the extent of such an allowance. Net realisable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "(i) Cash and cash equivalents For the purposes of the balance sheet, cash and cash equivalents comprise cash at bank, cash on hand and short-term deposits held with banks that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. Short-term deposits earn interest at the respective short-term deposit rates between one day and three months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "(j) Provisions Mine closure cost A provision for mine closure cost is made in respect of the estimated future costs of closure, restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) based on a mine closure plan, in the accounting period when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included within finance costs. At the time of establishing the provision, a corresponding asset is capitalised where it gives rise to a future economic benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis by the Group for changes in cost estimates, discount rates or life of operations. Changes to estimated future costs are recognised in the balance sheet by adjusting the mine closure cost liability and the related asset originally recognised. If, for mature mines, the revised mine assets net of mine closure cost provisions exceed the recoverable value, the portion of the increase is charged directly as an expense. For closed sites, changes to estimated costs are recognised immediately in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "(k) Employee benefits The Group operates the following plans for its employees based on Mexico: Defined benefit pension plan This funded plan is based on each employee\u2019s earnings and years of service. This plan was open to all employees in Mexico until it was closed to new entrants on 1 July 2007. The plan is denominated in Mexican Pesos. For members as at 30 June 2007, benefits were frozen at that date subject to indexation with reference to the Mexican National Consumer Price Index (NCPI). The present value of defined benefit obligations under the plan is determined using the projected unit credit actuarial valuation method and prepared by an external actuarial firm as at each year end balance sheet date. The discount rate is the yield on bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. Actuarial gains or losses are recognised in OCI and permanently excluded from profit or loss. Past service costs are recognised when the plan amendment or curtailment occurs and when the entity recognises related restructuring costs or termination benefits. The defined benefit asset or liability comprises the present value of the defined benefit obligation less the fair value of plan assets out of which the obligations are to be settled directly. The value of any asset is restricted to the present value of any economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan. Net interest cost is recognised within finance cost and return on plan assets (other than amounts reflected in net interest cost) is recognised in OCI and permanently excluded from profit or loss. Defined contribution pension plan A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss when they are due. The contributions are based on the employee\u2019s salary. This plan started on 1 July 2007 and it is voluntary for all employees to join this scheme. Seniority premium for voluntary separation This unfunded plan corresponds to an additional payment over the legal seniority premium equivalent to approximately 12 days of salary per year for those unionised workers who have more than 15 years of service. Non-unionised employees with more than 15 years of service have the right to a payment equivalent to 12 days for each year of service. For both cases, the payment is based on the legal current minimum salary. The cost of providing benefits for the seniority premium for voluntary separation is determined using the projected unit credit actuarial valuation method and prepared by an external actuarial firm as at each year end balance sheet date. Actuarial gains or losses are recognised as income or expense in the period in which they occur. Other Benefits for death and disability are covered through insurance policies. Termination payments for involuntary retirement (dismissals) are charged to the income statement, when incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "(l) Employee profit sharing In accordance with the Mexican legislation, companies in Mexico are subject to pay for employee profit sharing (\u2018PTU\u2019) equivalent to ten percent of the taxable income of each fiscal year capped to three months of salary or average of the profit sharing paid in the last three years. PTU is accounted for as employee benefits and is calculated based on the services rendered by employees during the year, considering their most recent salaries. The liability is recognised as it accrues and is charged to the income statement. PTU, paid in each fiscal year, is deductible for income tax purposes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "(m) Leases Group as a lessee The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payment that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Variable lease payments that are not linked to price changes due to changes in a market rate or the value of an index and are linked to future performance or use of an underlying asset are not included in the measurement of the lease liability. Such cost are recognised in profit and loss as incurred. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "(n) Revenue from contracts with customers Revenue is recognised when control of goods or services transfers to the customer based on the performance obligations settle in the contracts with customers. Sale of goods Revenue associated with the sale of concentrates, dor\u00e9, slag, precipitates and activated carbon (the products) is recognised when control of the asset sold is transferred to the customer. Indicators of control transferring include an unconditional obligation to pay, legal title, physical possession, transfer of risk and rewards and customer acceptance. This generally occurs when the goods are delivered to the customer\u2019s smelter or refinery agreed with the buyer; at which point the buyer controls the goods. Inventory in transit to the smelter or refinery does not represent a significant proportion of total revenue at the end of the reporting period given the distance to the mine units. The revenue is measured at the amount to which the Group expects to be entitled, being the estimate of the price expected to be received in the expected month of settlement and the Group\u2019s estimate of metal quantities based on assay data, and a corresponding trade receivable is recognised. Any future changes that occur before settlement are embedded within the provisionally priced trade receivables and are, therefore, within the scope of IFRS 9 and not within the scope of IFRS 15. Given the exposure to the commodity price, these provisionally priced trade receivables will fail the cash flow characteristics test within IFRS 9 and will be required to be measured at fair value through profit or loss up from initial recognition and until the date of settlement. These subsequent changes in fair value are recognised in revenue but separately from revenue from contracts with customers. Sales contracts with our customer establish that for products other than refined silver and gold, refining and treatment charges are deducted from revenue from sales of products. Refining and treatment charges represent an element of the cost that will be incurred by our customer in processing the products further to extract the metal content for onward sale to its customers. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "(o) Exploration expenses Exploration activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration expenses are charged to the income statement as incurred and are recorded in the following captions: \u2022 Cost of sales: costs relating to in-mine exploration, that ensure continuous extraction quality and extend mine life; and \u2022 Exploration expenses: - Costs incurred in geographical proximity to existing mines in order to replenish or increase reserves. - Costs incurred in regional exploration with the objective of locating new ore deposits in Mexico and Latin America and which are identified by project. - Costs incurred are charged to the income statement until there is sufficient probability of the existence of economically recoverable minerals and a feasibility study has been performed for the specific project from which time further expenses are capitalised as exploration costs on balance sheet as Property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "(p) Selling expenses The Group recognises in selling expenses a levy in respect of the Extraordinary Mining Right as sales of gold and silver are recognised. The Extraordinary Mining Right consists of a 0.5% rate, applicable to the owners of mining titles. The payment must be calculated over the total sales of all mining concessions. The payment of this mining right must be remitted no later than the last business day of March of the following year and can be credited against corporate income tax. The Group also recognises in selling expenses a discovery premium royalty equivalent to 1% of the value of the mineral extracted and sold during the year from certain mining titles granted by the Mexican Geological Survey (SGM) in the San Juli\u00e1n mine. The premium is settled to SGM on a quarterly basis. ",
"dimensions": {
"concept": "fresnilloplc:DescriptionOfAccountingPolicyForSellingExpenses",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "(q) Taxation Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the country the Group operates. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2022 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of transaction, affects neither the accounting profit nor taxable profit loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 where the deferred income tax asset relating to deductible temporary differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in other comprehensive income is recognised in equity and not in the income statement. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Mining Rights The Special Mining Right is considered an income tax under IFRS and states that the owners of mining titles and concessions are subject to pay an annual mining right of 7.5% of the profit derived from the extractive activities (see note 11 (e)). The Group recognises deferred tax assets and liabilities on temporary differences arising in the determination of the Special Mining Right (see note 11). Sales tax Expenses and assets are recognised net of the amount of sales tax, except when the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-504": {
"value": "Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2022 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of transaction, affects neither the accounting profit nor taxable profit loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 where the deferred income tax asset relating to deductible temporary differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in other comprehensive income is recognised in equity and not in the income statement. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-505": {
"value": "(r) Derivative financial instruments and hedging The Group uses derivatives to reduce certain market risks derived from changes in foreign exchange and commodities price which impact its financial and business transactions. Hedges are designed to protect the value of expected production against the dynamic market conditions. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. The full fair value of a derivative is classified as non-current asset or liability if the remaining maturity of the item is more than 12 months. Any gains or losses arising from changes in fair value on derivatives during the year that do not qualify for hedge accounting are taken directly to the income statement as finance income or finance cost respectively. Derivatives are valued using valuation approaches and methodologies (such as Black Scholes and Net Present Value) applicable to the specific type of derivative instrument. The fair value of forward currency and commodity contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles, European foreign exchange options are valued using the Black Scholes model. The Silverstream contract is valued using a Net Present Value valuation approach. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges which meet the criteria for hedge accounting are accounted for as follows: Cash flow hedges For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivative instruments is recorded as in other comprehensive income and are transferred to the income statement when the hedged transaction affects profit or loss, such as when a forecast sale or purchase occurs. For gains or losses related to the hedging of foreign exchange risk these are included, in the line item in which the hedged costs are reflected. Where the hedged item is the cost of a non-financial asset or liability, the amounts recognised in other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability. This is not a reclassification adjustment and will not be recognised in OCI for the period. The ineffective portion of changes in the fair value of cash flow hedges is recognised directly as finance costs, in the income statement of the related period. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss recognised directly in other comprehensive income from the period that the hedge was effective remains separately in other comprehensive income until the forecast transaction occurs, when it is recognised in the income statement. 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 income statement. When hedging with options, the Group designates only the intrinsic value movement of the hedging option within the hedge relationship. The time value of the option contracts is therefore excluded from the hedge designation. In such cases, changes in the time value of options are initially recognised in OCI as a cost of hedging. Where the hedged item is transaction related, amounts initially recognised in OCI related to the change in the time value of options are reclassified to profit or loss or as a basis adjustment to non-financial assets or liabilities upon maturity of the hedged item, or, in the case of a hedged item that realises over time, the amounts initially recognised in OCI are amortised to profit or loss on a systematic and rational basis over the life of the hedged item. When hedging with forward contracts, the forward element is included in the designation of the financial instrument. Therefore, there is no cost of hedging in relation to forward contracts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "(r) Derivative financial instruments and hedging The Group uses derivatives to reduce certain market risks derived from changes in foreign exchange and commodities price which impact its financial and business transactions. Hedges are designed to protect the value of expected production against the dynamic market conditions. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. The full fair value of a derivative is classified as non-current asset or liability if the remaining maturity of the item is more than 12 months. Any gains or losses arising from changes in fair value on derivatives during the year that do not qualify for hedge accounting are taken directly to the income statement as finance income or finance cost respectively. Derivatives are valued using valuation approaches and methodologies (such as Black Scholes and Net Present Value) applicable to the specific type of derivative instrument. The fair value of forward currency and commodity contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles, European foreign exchange options are valued using the Black Scholes model. The Silverstream contract is valued using a Net Present Value valuation approach. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges which meet the criteria for hedge accounting are accounted for as follows: Cash flow hedges For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivative instruments is recorded as in other comprehensive income and are transferred to the income statement when the hedged transaction affects profit or loss, such as when a forecast sale or purchase occurs. For gains or losses related to the hedging of foreign exchange risk these are included, in the line item in which the hedged costs are reflected. Where the hedged item is the cost of a non-financial asset or liability, the amounts recognised in other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability. This is not a reclassification adjustment and will not be recognised in OCI for the period. The ineffective portion of changes in the fair value of cash flow hedges is recognised directly as finance costs, in the income statement of the related period. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss recognised directly in other comprehensive income from the period that the hedge was effective remains separately in other comprehensive income until the forecast transaction occurs, when it is recognised in the income statement. 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 income statement. When hedging with options, the Group designates only the intrinsic value movement of the hedging option within the hedge relationship. The time value of the option contracts is therefore excluded from the hedge designation. In such cases, changes in the time value of options are initially recognised in OCI as a cost of hedging. Where the hedged item is transaction related, amounts initially recognised in OCI related to the change in the time value of options are reclassified to profit or loss or as a basis adjustment to non-financial assets or liabilities upon maturity of the hedged item, or, in the case of a hedged item that realises over time, the amounts initially recognised in OCI are amortised to profit or loss on a systematic and rational basis over the life of the hedged item. When hedging with forward contracts, the forward element is included in the designation of the financial instrument. Therefore, there is no cost of hedging in relation to forward contracts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "(s) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes 12 or more months to get ready for its intended use or sale (a qualifying asset) are capitalised as part of the cost of the respective asset. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Where funds are borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where surplus funds are available for a short term from funds borrowed specifically to finance a project, the income generated from the temporary investment of such amounts is also capitalised and deducted from the total capitalised borrowing cost. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the period. All other borrowing costs are recognised in the income statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "(t) Fair value measurement The Group measures financial instruments at fair value at each balance sheet date. Fair values of financial instruments measured at amortised cost are disclosed in notes 30 and 30 (b). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 In the principal market for the asset or liability; or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. Further information on fair values is described in note 30. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "(u) Dividend distribution Dividends on the Company\u2019s Ordinary Shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s discretion. Accordingly, interim dividends are recognised when they are paid and final dividends are recognised when they are declared following approval by shareholders at the Company\u2019s Annual General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "3. Segment reporting For management purposes, the Group is organised into operating segments based on producing mines. At 31 December 2022, the Group has seven reportable operating segments as follows: \u2022 The Fresnillo mine, located in the state of Zacatecas, an underground silver mine; \u2022 The Saucito mine, located in the state of Zacatecas, an underground silver mine; \u2022 The Ci\u00e9nega mine, located in the state of Durango, an underground gold mine; \u2022 The Herradura mine, located in the state of Sonora, a surface gold mine; \u2022 The Noche Buena mine, located in state of Sonora, a surface gold mine; \u2022 The San Juli\u00e1n mine, located on the border of Chihuahua/Durango states, an underground silver-gold mine; and \u2022 The Juanicipio mine, in the State of Zacatecas, an underground silver mine. 1 1 The Juanicipio mine is now considered as a segment due to the commencement of its operations and its contribution to the Group\u2019s revenues and segment profit. Accordingly, the comparative segment information has been restated to reflect this change. The operating performance and financial results for each of these mines are reviewed by management. As the Group\u00b4s chief operating decision-maker does not review segment assets and liabilities, the Group has not disclosed this information. Management monitors the results of its operating segments separately for the purpose of performance assessment and making decisions about resource allocation. Segment performance is evaluated without taking into account certain adjustments included in Revenue as reported in the consolidated income statement, and certain costs included within Cost of sales and Gross profit which are considered to be outside of the control of the operating management of the mines. The table below provides a reconciliation from segment profit to Gross profit as per the consolidated income statement. Other income and expenses included in the consolidated income statement are not allocated to operating segments. Transactions between reportable segments are accounted for on an arm\u2019s length basis similar to transactions with third parties. In 2022 and 2021, all revenue was derived from customers based in Mexico. Operating segments The following tables present revenue and profit information regarding the Group\u2019s operating segments for the year ended 31 December 2022 and 2021, respectively. Revenues for the year ended 31 December 2022 and 2021 include those derived from contracts with costumers and other revenues, as showed in note 5. Year ended 31 December 2022 US$ thousands Fresnillo Herradura Ci\u00e9nega Saucito Noche Buena San Juli\u00e1n Juanicipio 4 Other5 Adjustments and eliminations Total Revenues: Third party1 503,759 634,438 169,504 594,250 142,733 392,084 (3,778) 2,432,990 Inter-segment 215,736 148,362 (364,098) \u2013 Segment revenues 503,759 634,438 169,504 594,250 142,733 392,084 215,736 148,362 (367,876) 2,432,990 Segment profit 2 197,043 127,919 39,551 197,791 44,436 190,842 154,544 106,275 (12,203) 1,046,198 Depreciation and amortisation (500,569) Employee profit sharing (9,609) Gross profit as per the income statement 536,020 Capital expenditure 3 106,579 105,322 47,019 117,989 424 64,490 149,629 677 \u2013 592,129 1 Adjustments and eliminations correspond to hedging loss (note 5). 2 Segment profit excluding foreign exchange hedging gains, depreciation and amortisation and employee profit sharing. Segment profit for Fresnillo and Saucito considers the sales and the corresponding processing cost of the ore from Juanicipio. 3 Capital expenditure represents the cash outflow including interest capitalised in respect of additions to property, plant and equipment, such as mine development, construction of leaching pads and purchase of mine equipment, excluding additions relating to changes in the mine closure provision. Significant additions include stripping cost at Herradura mine and purchase of mobile equipment at Juanicipio and Saucito mines. 4 The ore production of Juanicipio mine has been processed through Fresnillo and Saucito facilities. 5 Other inter-segment revenue corresponds to leasing services provided by Minera Bermejal, S.A. de C.V; capital expenditure mainly corresponds to Minera Bermejal, S. de R.L. de C.V. Year ended 31 December 2021 US$ thousands Fresnillo Herradura Ci\u00e9nega Saucito Noche Buena San Juli\u00e1n Juanicipio 4 Other5 Adjustments and eliminations Total Revenues: Third party1 493,582 769,896 215,623 547,294 168,849 509,247 (1,396) 2,703,095 Inter-segment 75,393 72,334 (147,727) \u2013 Segment revenues 493,582 769,896 215,623 547,294 168,849 509,247 75,393 72,334 (149,123) 2,703,095 Segment profit 2 224,558 285,354 106,498 321,349 77,158 322,734 60,473 83,533 (4,800) 1,476,857 Foreign exchange hedging losses 3,827 Depreciation and amortisation (528,206) Employee profit sharing (15,553) Gross profit as per the income statement 936,925 Capital expenditure 3 108,335 54,371 45,392 101,160 381 40,922 241,491 \u2013 592,052 1 Adjustments and eliminations correspond to hedging loss (note 5). 2 Segment profit excluding foreign exchange hedging gains, depreciation and amortisation and employee profit sharing. Segment profit for Fresnillo and Saucito considers the sales and the corresponding processing cost of the ore from Juanicipio. 3 Capital expenditure represents the cash outflow including interest capitalised in respect of additions to property, plant and equipment, such as mine development, construction of leaching pads and purchase of mine equipment, excluding additions relating to changes in the mine closure provision. Significant additions include the construction of the leaching plant at Fresnillo and the facilities of the Juanicipio mine. 4 The ore production of Juanicipio mine has been processed through Fresnillo and Saucito facilities. 5 Other inter-segment revenue corresponds to leasing services provided by Minera Bermejal, S.A. de C.V; capital expenditure mainly corresponds to Minera Bermejal, S. de R.L. de C.V. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "4. Group information The list of the Company\u2019s subsidiaries included in the consolidated financial statements and its principal activities are shown in note 5 on the Parent Company\u2019s separate financial statements. (a) Material partly-owned subsidiaries The table below shows the detail of non-wholly owned subsidiaries of the Group that have non-controlling interests: Portion of ownership interest held by non-controlling interest Profit (loss) allocated to non-controlling interest Accumulated non-controlling interest 31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21 Minera Juanicipio, S. A. de C.V. 44% 44% 31,398 15,621 160,046 128,742 Equipos Chaparral, S. A. de C.V. 44% 44% 5,105 249 69,561 54,122 Other subsidiaries with non-controlling interests not considered to be material \u2013 \u2013 (109) 1,417 1,599 1,684 Set out below is the summarised financial information for each subsidiary that has non-controlling interests that are material to the Group. Figures are presented in thousands of US dollars unless otherwise indicated. Summarised income statement for the year ended 31 December 2022 and 2021 Minera Juanicipio, S. A. de C.V. Equipos Chaparral, S. A. de C.V. 31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21 Revenue 215,736 75,393 \u2013 \u2013 Profit before income tax 100,635 56,706 5,390 146 Income tax (charge)/credit (29,277) (21,205) 6,212 421 Profit for the year for continuing operations 71,358 35,501 11,602 567 Other comprehensive (loss)/income (248) (38) 31 455 Total comprehensive income 71,110 35,463 11,633 1,022 Attributable to non-controlling interests 31,288 15,604 5,119 449 Dividends paid to non-controlling interests \u2013 \u2013 \u2013 \u2013 Summarised statement of financial position as at 31 December 2022 and 2021 Minera Juanicipio, S. A. de C.V. Equipos Chaparral, S. A. de C.V. 31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21 Current Assets 77,596 90,086 13,226 35,911 Liabilities 80,984 284,340 31,299 44,651 Total current net assets/(liabilities) (3,388) (194,254) (18,073) (8,740) Non-current Assets 630,418 486,849 202,263 131,745 Liabilities 263,290 \u2013 26,097 \u2013 Total non-current net assets 367,128 486,849 176,166 131,745 Net assets 363,740 292,595 158,093 123,005 Attributable to: Equity holders of parent 203,694 163,853 88,532 68,883 Non-controlling interest 160,046 128,742 69,561 54,122 Summarised cash flow information for the year ended 31 December 2022 and 2021 Minera Juanicipio, S. A. de C.V. Equipos Chaparral, S. A. de C.V. 31-Dec-22 31-Dec-21 31-Dec-22 31-Dec-21 Operating 127,113 55,540 (28,354) \u2013 Investing (115,961) (254,830) 261 \u2013 Financing (24,777) 166,480 23,663 \u2013 Net decrease in cash and cash equivalents (13,625) (32,810) (4,430) \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "5. Revenues Revenues reflect the sale of goods, being concentrates, dor\u00e9, slag, precipitates and activated carbon of which the primary contents are silver, gold, lead and zinc. (a) Revenues by source Year ended 31 December 2022 US$ thousands 2021 US$ thousands Revenues from contracts with customers 2,440,063 2,705,720 Revenues from other sources: Provisional pricing adjustment on products sold (3,302) (1,274) Hedging loss on sales (3,771) (1,351) 2,432,990 2,703,095 (b) Revenues by product sold Year ended 31 December 2022 US$ thousands 2021 US$ thousands Lead concentrates (containing silver, gold, lead and by-products) 1,090,735 1,157,623 Dor\u00e9 and slag (containing gold, silver and by-products) 648,002 806,289 Zinc concentrates (containing zinc, silver and by-products) 326,912 346,892 Precipitates (containing gold and silver) 238,171 259,835 Activated carbon (containing gold, silver and by-products) 129,170 132,456 2,432,990 2,703,095 (c) Value of metal content in products sold Invoiced revenues are derived from the value of metal content which is determined by commodity market prices and adjusted for the treatment and refining charges to be incurred by the metallurgical complex of our customer. The value of the metal content of the products sold, before treatment and refining charges is considered as an alternative performance measure for the Group. The Group considers this a useful additional measure to help understand underlying factors driving revenue in terms of volumes sold and realised prices. The value of production sold by metal is as follows: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Silver 1,089,189 1,163,879 Gold 1,114,168 1,305,277 Zinc 283,453 259,987 Lead 106,640 117,448 Value of metal content in products sold 2,593,450 2,846,591 Refining and treatment charges (160,460) (143,496) Total revenues1 2,432,990 2,703,095 1 Includes provisional price adjustments which represent changes in the fair value of trade receivables resulting in a loss of US$3.3 million (2021: loss of US$1.2 million) and hedging loss of US$3.8 million (2021: loss of US$1.4 million). For further detail, refer to note 2(n). The average realised prices for the gold and silver content of products sold, prior to the deduction of treatment and refining charges, were: Year ended 31 December 2022 US$ per ounce 2021 US$ per ounce Gold2 1,799.26 1,794.96 Silver2 21.72 24.87 2 For the purpose of the calculation, revenue by content of products sold does not include the results from hedging. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "6. Cost of sales Year ended 31 December 2022 US$ thousands 2021 US$ thousands Depreciation and amortisation 500,569 528,206 Contractors 367,003 403,568 Energy 231,505 233,667 Operating materials 269,720 221,773 Maintenance and repairs 252,907 199,264 Personnel expenses (note 8) 175,508 135,758 Mine equipment leased1 48,991 \u2013 Mining concession rights and contributions 22,044 20,266 Surveillance 18,741 9,832 Insurance 11,069 9,628 Freight 11,843 8,433 IT services 11,401 6,034 Other 34,675 22,250 Cost of production 1,955,976 1,798,679 Unabsorbed production costs 2 2,592 956 Gain on foreign currency hedges \u2013 (3,827) Change in work in progress and finished goods (ore inventories) (61,598) (29,638) 1,896,970 1,766,170 1 Corresponds to mine equipment leased to contractors, the lease payments are based on a variable rate linked to the usage of the assets. 2 Corresponds to costs incurred in Juanicipio plant activities (note 2 (c)) (2021: Corresponds to production cost incurred in Minera San Juli\u00e1n as a result of a plant stoppage). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "7. Exploration expenses Year ended 31 December 2022 US$ thousands 2021 US$ thousands Contractors 111,981 89,842 Mining concession rights and contributions 25,570 21,790 Administrative services 2,086 4,614 Personnel expenses (note 8) 10,779 6,425 Assays 6,269 1,783 Rentals 603 468 Other 8,502 5,369 165,790 130,291 These exploration expenses were mainly incurred in the operating mines located in Mexico; the Guanajuato, Orisyvo and Valles projects; and the Mexico Nuevo and Tajitos prospects. Exploration expenses of US$17.9 million (2021: US$14.5 million) were incurred in the year on projects located in Peru and Chile. The following table sets forth liabilities (generally trade payables) corresponding to exploration activities of the Group companies engaged only in exploration, principally Exploraciones Mineras Parre\u00f1a, S.A. de C.V. Year ended 31 December 2022 US$ thousands 2021 US$ thousands Liabilities related to exploration activities 70 348 The liabilities related to exploration activities recognised by the Group operating companies are not included since it is not possible to separate the liabilities related to exploration activities of these companies from their operating liabilities. Cash flows relating to exploration activities are as follows: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Operating cash out flows related to exploration activities 166,068 130,915 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "8. Personnel expenses Year ended 31 December 2022 US$ thousands 2021 US$ thousands Salaries and wages 87,534 66,488 Statutory healthcare and housing contributions 32,856 23,771 Employees\u2019 profit sharing 9,841 16,662 Other benefits 26,458 18,679 Bonuses 19,752 14,906 Social security 257 5,777 Post-employment benefits 8,792 4,300 Vacations and vacations bonus 5,448 3,262 Training 3,749 2,867 Legal contributions 4,202 2,130 Other 3,451 4,028 202,340 162,870 (a) Personnel expenses are reflected in the following line items: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Cost of sales (note 6) 175,508 135,758 Administrative expenses 16,053 20,687 Exploration expenses (note 7) 10,779 6,425 202,340 162,870 (b) The monthly average number of employees during the year was as follows: Year ended 31 December 2022 No. 2021 No. Mining 3,967 2,883 Plant 1,074 1,032 Exploration 265 432 Maintenance 1,382 1,259 Administration and other 1,237 1,062 Total 7,925 6,668 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-518": {
"value": "9. Other operating income and expenses Year ended 31 December 2022 US$ thousands 2021 US$ thousands Other income: Gain on sale of property, plant and equipment and other assets \u2013 5,026 Layback Agreement (note 2 (c)) 67,182 \u2013 Rentals 767 1,802 Other 3,911 5,086 71,860 11,914 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Other expenses: Write-off of assets1 11,315 \u2013 Maintenance2 2,939 3,663 Donations 8,794 538 Environmental activities 3 2,997 4,813 Saucito rehabilitation cost for mine flood \u2013 4,803 Cost of insurance claims 4,246 1,422 Consumption tax expensed 2,073 1,183 Other 6,391 6,824 38,755 23,246 1 Mainly correspond to mobile equipment damage and mining works collapsed. 2 Costs relating to the rehabilitation of the facilities of Compa\u00f1\u00eda Minera las Torres, S.A. de C.V. (a closed mine). 3 Main activities were related with the evaluation of improvement in tailing dams in Fresnillo and Ci\u00e9nega and closure activities in the San Ram\u00f3n satellite mine (closed at the end of 2020) (2021: main activities were related with the evaluation of improvement in tailing dams in Fresnillo and Ci\u00e9nega). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-506": {
"value": "9. Other operating income and expenses Year ended 31 December 2022 US$ thousands 2021 US$ thousands Other income: Gain on sale of property, plant and equipment and other assets \u2013 5,026 Layback Agreement (note 2 (c)) 67,182 \u2013 Rentals 767 1,802 Other 3,911 5,086 71,860 11,914 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Other expenses: Write-off of assets1 11,315 \u2013 Maintenance2 2,939 3,663 Donations 8,794 538 Environmental activities 3 2,997 4,813 Saucito rehabilitation cost for mine flood \u2013 4,803 Cost of insurance claims 4,246 1,422 Consumption tax expensed 2,073 1,183 Other 6,391 6,824 38,755 23,246 1 Mainly correspond to mobile equipment damage and mining works collapsed. 2 Costs relating to the rehabilitation of the facilities of Compa\u00f1\u00eda Minera las Torres, S.A. de C.V. (a closed mine). 3 Main activities were related with the evaluation of improvement in tailing dams in Fresnillo and Ci\u00e9nega and closure activities in the San Ram\u00f3n satellite mine (closed at the end of 2020) (2021: main activities were related with the evaluation of improvement in tailing dams in Fresnillo and Ci\u00e9nega). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "9. Other operating income and expenses Year ended 31 December 2022 US$ thousands 2021 US$ thousands Other income: Gain on sale of property, plant and equipment and other assets \u2013 5,026 Layback Agreement (note 2 (c)) 67,182 \u2013 Rentals 767 1,802 Other 3,911 5,086 71,860 11,914 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Other expenses: Write-off of assets1 11,315 \u2013 Maintenance2 2,939 3,663 Donations 8,794 538 Environmental activities 3 2,997 4,813 Saucito rehabilitation cost for mine flood \u2013 4,803 Cost of insurance claims 4,246 1,422 Consumption tax expensed 2,073 1,183 Other 6,391 6,824 38,755 23,246 1 Mainly correspond to mobile equipment damage and mining works collapsed. 2 Costs relating to the rehabilitation of the facilities of Compa\u00f1\u00eda Minera las Torres, S.A. de C.V. (a closed mine). 3 Main activities were related with the evaluation of improvement in tailing dams in Fresnillo and Ci\u00e9nega and closure activities in the San Ram\u00f3n satellite mine (closed at the end of 2020) (2021: main activities were related with the evaluation of improvement in tailing dams in Fresnillo and Ci\u00e9nega). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "10. Finance income and finance costs Year ended 31 December 2022 US$ thousands 2021 US$ thousands Finance income: Interest on short-term deposits and investments 20,956 5,167 Interest on tax receivables 4,507 3,637 Other 997 70 26,460 8,874 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Finance costs: Interest on interest-bearing loans and notes payables 51,395 48,888 Interest on tax amendments (note 11) 11,519 \u2013 Interest on lease liabilities 720 504 Unwinding of discount on provisions 15,243 11,522 Other 2,744 836 81,621 61,750 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-507": {
"value": "10. Finance income and finance costs Year ended 31 December 2022 US$ thousands 2021 US$ thousands Finance income: Interest on short-term deposits and investments 20,956 5,167 Interest on tax receivables 4,507 3,637 Other 997 70 26,460 8,874 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Finance costs: Interest on interest-bearing loans and notes payables 51,395 48,888 Interest on tax amendments (note 11) 11,519 \u2013 Interest on lease liabilities 720 504 Unwinding of discount on provisions 15,243 11,522 Other 2,744 836 81,621 61,750 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-519": {
"value": "10. Finance income and finance costs Year ended 31 December 2022 US$ thousands 2021 US$ thousands Finance income: Interest on short-term deposits and investments 20,956 5,167 Interest on tax receivables 4,507 3,637 Other 997 70 26,460 8,874 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Finance costs: Interest on interest-bearing loans and notes payables 51,395 48,888 Interest on tax amendments (note 11) 11,519 \u2013 Interest on lease liabilities 720 504 Unwinding of discount on provisions 15,243 11,522 Other 2,744 836 81,621 61,750 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "11. Income tax expense a) Major components of income tax expense: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Consolidated income statement: Corporate income tax Current: Income tax charge 134,896 268,945 Amounts under provided in previous years (1,710) 7,696 133,186 276,641 Deferred: Origination and reversal of temporary differences (206,196) (120,043) Revaluation effects of Silverstream contract 5,636 (125) (200,560) (120,168) Corporate income tax (67,374) 156,473 Special mining right Current: Special mining right charge (note 11 (e)) 38,230 53,147 Amounts under provided in previous years 1,954 363 40,184 53,510 Deferred: Origination and reversal of temporary differences (32,530) (36,947) Special mining right 7,654 16,563 Income tax expense reported in the income statement (59,720) 173,036 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Consolidated statement of comprehensive income: Deferred income tax (charge)/credit related to items recognised directly in other comprehensive income: Gain on cash flow hedges recycled to income statement (1,131) 743 Changes in fair value of cash flow hedges (184) 298 Changes in the fair value of cost of hedges 414 1,619 Changes in fair value of equity investments at FVOCI 1,714 14,415 Remeasurement losses on defined benefit plans 114 (908) Income tax effect reported in other comprehensive income 927 16,167 Following conversations held by the Company with the Servicio de Admnistracion Tributario (SAT) regarding its income tax audits for the year 2014, 2015 and 2016 at Desarrollos Mineros Fresne, the Group decided to voluntarily amend the income tax and mining right\u00b4s treatment of: (i) the stripping costs; and (ii) the deduction of exploration expenses. These amendments were applied to tax returns from 2014 to 2021 (for the year 2021 the amendment also included Minera Penmont as the merging entity of Desarrollos Mineros Fresne) and resulted in an increase in the current corporate income tax charge of US$3.2 million and current special mining right charge of US$2.7 million and a recoverable income tax balance of US$3.2 million.This effect was offset by a decrease in deferred corporate income tax of US$3.4 million. The amendment also resulted in US$11.5 million of interest and surcharges presented in finance costs. 11. Income tax expense continued (b) Reconciliation of the income tax expense at the Group\u2019s statutory income rate to income tax expense at the Group\u2019s effective income tax rate: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Accounting profit before income tax 248,571 611,532 Tax at the Group\u2019s statutory corporate income tax rate 30.0% 74,571 183,460 Expenses not deductible for tax purposes 7,045 3,442 Inflationary uplift of the tax base of assets and liabilities (62,666) (49,389) Current income tax (over)/underprovided in previous years 3,107 1,569 Exchange rate effect on tax value of assets and liabilities1 (72,888) 32,078 Non-taxable/non-deductible foreign exchange effects 1,167 1,892 Inflationary uplift of tax losses (7,843) (4,165) Inflationary uplift on tax refunds (1,352) (1,732) Incentive for Northern Border Zone (17,491) (10,077) Deferred tax asset not recognised 7,893 6,465 Special mining right deductible for corporate income tax (2,296) (4,969) Other 3,379 (2,101) Corporate income tax at the effective tax rate of (27.1%) (2021: 25.5%) (67,374) 156,473 Special mining right 7,654 16,563 Tax at the effective income tax rate of (24.02%) (2021: 28.2%) (59,720) 173,036 1 Mainly derived from the tax value of property, plant and equipment. The most significant items reducing the effect of effective tax rate are inflation effects, exchange rate and the incentive for Norther Border Zone. The future effects of inflation and exchange rate will depend on future market conditions. (c) Movements in deferred income tax liabilities and assets: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Opening net liability (1,445) (174,919) Income statement credit arising on corporate income tax 200,560 120,168 Income statement credit arising on special mining right 32,530 36,947 Exchange difference (4) 192 Net charge related to items directly charged to other comprehensive income 927 16,167 Closing net asset/(liability) 232,568 (1,445) The amounts of deferred income tax assets and liabilities as at 31 December 2022 and 2021, considering the nature of the related temporary differences, are as follows: Consolidated balance sheet Consolidated income statement 2022 US$ thousands 2021 US$ thousands 2022 US$ thousands 2021 US$ thousands Related party receivables (158,797) (153,702) 5,095 (113,284) Other receivables (3,974) (3,247) 727 (45) Inventories 115,383 97,170 (18,213) 134,414 Prepayments (2,423) (2,872) (449) 1,039 Derivative financial instruments including Silverstream contract (147,887) (153,111) (6,125) (14,352) Property, plant and equipment arising from corporate income tax 142,241 (50,155) (192,396) (65,896) Exploration expenses and operating liabilities 91,265 110,989 19,724 (49,890) Other payables and provisions 74,162 78,092 3,930 (4,386) Losses carried forward 117,689 90,439 (27,250) (15,396) Post-employment benefits 1,504 1,034 (356) (38) Deductible profit sharing 3,095 4,937 1,842 1,516 Special mining right deductible for corporate income tax 10,738 23,692 12,954 (2,037) Equity investments at FVOCI (16,937) (20,554) (1,903) (975) Other (11,172) (9,309) 1,860 9,161 Net deferred tax asset related to corporate income tax 214,887 13,403 Deferred tax credit related to corporate income tax (200,560) (120,169) Related party receivables arising from special mining right (39,541) (38,150) 1,391 9,368 Inventories arising from special mining right 28,685 21,332 (7,353) (4,436) Property plant and equipment arising from special mining right 7,887 (19,298) (27,185) (20,615) Other 20,650 21,268 617 (21,264) Net deferred tax (asset)/liability related to special mining rights 17,681 (14,848) Deferred tax credit (233,090) (157,116) Reflected in the statement of financial position as follows: Deferred tax assets 343,688 67,300 Deferred tax liabilities (111,120) (68,745) Net deferred tax asset/(liability) 232,568 (1,445) Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to the same fiscal authority. Based on management\u2019s internal forecast, a deferred tax asset of US$117.7 million (2021: US$90.4 million) has been recognised in respect of tax losses amounting to US$391.6 million (2021: US$301.5 million). If not utilised, US$33.2 million (2021: US$29.5 million) will expire within five years and US$358.4 million (2021: US$272.0 million) will expire between six and ten years. Of the total deferred tax asset related to losses, US$34.4 million (2021: US$23.3 million) is covered by the existence of taxable temporary differences, the remaining US$83.3 million (2021: US$67.1 million) corresponds to Fresnillo plc which maintained a deferred net asset position. The Group has performed an assessment of the recoverability of tax losses before their expiration, thus there is convincing other evidence that sufficient taxable profit will be available against which the unused tax losses can be utilised. The Group has further tax losses and other similar attributes carried forward of US$91.9 million (2021: US$72.6 million) on which no deferred tax is recognised due to insufficient certainty regarding the availability of appropriate future taxable profits. Based on the applicable tax legislation the tax losses are not subject to expire. (d) Unrecognised deferred tax on investments in subsidiaries The Group has not recognised all of the deferred tax liability in respect of distributable reserves of its subsidiaries because it controls them and only part of the temporary differences is expected to reverse in the foreseeable future. The temporary differences for which a deferred tax liability has not been recognised aggregate to US$1,006 million (2021: US$1,056 million). 11. Income tax expense continued (e) Corporate Income Tax (\u2018Impuesto Sobre la Renta\u2019 or \u2018ISR\u2019) and Special Mining Right (\u2018SMR\u2019) The Group\u2019s principal operating subsidiaries are Mexican residents for taxation purposes. The rate of current corporate income tax is 30%. On 30 December 2018, the Decree of tax incentives for the northern border region of Mexico was published in the Official Gazette, which provided a reduction of income tax by a third and also a reduction of 50% of the value added tax rate, for taxpayers that produce income from business activities carried out within the northern border region. The tax incentives were applicable since 1 January 2019 and remained in force until 31 December 2020. On 30 December 2020 and extension of the Decree was published in the Official Gazette which remains in force until 31 December 2024. Some of the Group companies which produce income from business activities carried out within Caborca, Sonora, which is considered for purposes of the Decree as northern border region, applied for this Decree tax incentives before the Mexican tax authorities, and were granted authorisation for income tax and value added tax purposes. The \u2018SMR\u2019 states that the owners of mining titles and concessions are subject to pay an annual mining right of 7.5% of the profit derived from the extractive activities and is considered as income tax under IFRS. For the fiscal year 2021 the SMR allows as a credit the 50% of payment of mining concessions rights up to the amount of SMR payable within the same legal entity. The 7.5% tax applies to a base of income before interest, annual inflation adjustment, taxes paid on the regular activity, depreciation and amortisation, as defined by the new ISR. This SMR can be credited against the corporate income tax of the same fiscal year and its payment must be remitted no later than the last business day of March of the following year. During the fiscal year ended 31 December 2022, the Group credited US$0.00 million (2021: US$11.5 million) of mining concession rights against the SMR. Total mining concessions rights paid during the year were US$24.6 million (2021: US$22.9 million) and have been recognised in the income statement within cost of sales and exploration expenses. Mining concessions rights paid in excess of the SMR cannot be credited to SMR in future fiscal periods, and therefore no deferred tax asset has been recognised in relation to the excess. Without regards to credits permitted under the SMR regime, the current special mining right charge would have been US$38.3 million (2021: US$64.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-508": {
"value": "(c) Movements in deferred income tax liabilities and assets: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Opening net liability (1,445) (174,919) Income statement credit arising on corporate income tax 200,560 120,168 Income statement credit arising on special mining right 32,530 36,947 Exchange difference (4) 192 Net charge related to items directly charged to other comprehensive income 927 16,167 Closing net asset/(liability) 232,568 (1,445) The amounts of deferred income tax assets and liabilities as at 31 December 2022 and 2021, considering the nature of the related temporary differences, are as follows: Consolidated balance sheet Consolidated income statement 2022 US$ thousands 2021 US$ thousands 2022 US$ thousands 2021 US$ thousands Related party receivables (158,797) (153,702) 5,095 (113,284) Other receivables (3,974) (3,247) 727 (45) Inventories 115,383 97,170 (18,213) 134,414 Prepayments (2,423) (2,872) (449) 1,039 Derivative financial instruments including Silverstream contract (147,887) (153,111) (6,125) (14,352) Property, plant and equipment arising from corporate income tax 142,241 (50,155) (192,396) (65,896) Exploration expenses and operating liabilities 91,265 110,989 19,724 (49,890) Other payables and provisions 74,162 78,092 3,930 (4,386) Losses carried forward 117,689 90,439 (27,250) (15,396) Post-employment benefits 1,504 1,034 (356) (38) Deductible profit sharing 3,095 4,937 1,842 1,516 Special mining right deductible for corporate income tax 10,738 23,692 12,954 (2,037) Equity investments at FVOCI (16,937) (20,554) (1,903) (975) Other (11,172) (9,309) 1,860 9,161 Net deferred tax asset related to corporate income tax 214,887 13,403 Deferred tax credit related to corporate income tax (200,560) (120,169) Related party receivables arising from special mining right (39,541) (38,150) 1,391 9,368 Inventories arising from special mining right 28,685 21,332 (7,353) (4,436) Property plant and equipment arising from special mining right 7,887 (19,298) (27,185) (20,615) Other 20,650 21,268 617 (21,264) Net deferred tax (asset)/liability related to special mining rights 17,681 (14,848) Deferred tax credit (233,090) (157,116) Reflected in the statement of financial position as follows: Deferred tax assets 343,688 67,300 Deferred tax liabilities (111,120) (68,745) Net deferred tax asset/(liability) 232,568 (1,445) Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to the same fiscal authority. Based on management\u2019s internal forecast, a deferred tax asset of US$117.7 million (2021: US$90.4 million) has been recognised in respect of tax losses amounting to US$391.6 million (2021: US$301.5 million). If not utilised, US$33.2 million (2021: US$29.5 million) will expire within five years and US$358.4 million (2021: US$272.0 million) will expire between six and ten years. Of the total deferred tax asset related to losses, US$34.4 million (2021: US$23.3 million) is covered by the existence of taxable temporary differences, the remaining US$83.3 million (2021: US$67.1 million) corresponds to Fresnillo plc which maintained a deferred net asset position. The Group has performed an assessment of the recoverability of tax losses before their expiration, thus there is convincing other evidence that sufficient taxable profit will be available against which the unused tax losses can be utilised. The Group has further tax losses and other similar attributes carried forward of US$91.9 million (2021: US$72.6 million) on which no deferred tax is recognised due to insufficient certainty regarding the availability of appropriate future taxable profits. Based on the applicable tax legislation the tax losses are not subject to expire. (d) Unrecognised deferred tax on investments in subsidiaries The Group has not recognised all of the deferred tax liability in respect of distributable reserves of its subsidiaries because it controls them and only part of the temporary differences is expected to reverse in the foreseeable future. The temporary differences for which a deferred tax liability has not been recognised aggregate to US$1,006 million (2021: US$1,056 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "12. Earnings per share Earnings per share (\u2018EPS\u2019) is calculated by dividing profit for the year attributable to equity shareholders of the Company by the weighted average number of Ordinary Shares in issue during the period. The Company has no dilutive potential Ordinary Shares. As of 31 December 2022 and 2021, earnings per share have been calculated as follows: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Earnings: Profit from continuing operations attributable to equity holders of the Company 271,897 421,209 Adjusted profit from continuing operations attributable to equity holders of the Company 258,747 421,500 Adjusted profit is profit as disclosed in the Consolidated Income Statement adjusted to exclude revaluation effects of the Silverstream contract of US$18.8 million gain (US$13.1 million net of tax) (2021: US$0.4 million loss (US$0.3 million net of tax)). Adjusted earnings per share have been provided in order to provide a measure of the underlying performance of the Group, prior to the revaluation effects of the Silverstream contract, a derivative financial instrument. 2022 thousands 2021 thousands Number of shares: Weighted average number of Ordinary Shares in issue 736,894 736,894 2022 US$ 2021 US$ Earnings per share: Basic and diluted earnings per share 0.369 0.572 Adjusted basic and diluted earnings per Ordinary Share 0.351 0.572 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "13. Property, plant and equipment Year ended 31 December 20223 US$ thousands Land and buildings Plant and equipment4 Mining properties and development costs Other assets2 Construction in progress Total Cost At 1 January 2022 354,605 2,641,444 2,457,292 374,211 804,650 6,632,202 Additions 2,971 30,249 11,750 (16,947) 556,509 584,532 Disposals5 (224) (104,445) (21,999) (7,198) \u2013 (133,866) Transfers and other movements 55,632 261,672 554,618 27,747 (899,669) \u2013 At 31 December 2022 412,984 2,828,920 3,001,661 377,813 461,490 7,082,868 Accumulated depreciation At 1 January 2022 (198,653) (1,730,511) (1,692,189) (211,774) \u2013 (3,833,127) Depreciation for the year 1 (23,647) (176,445) (271,552) (34,861) \u2013 (506,505) Disposals5 134 96,472 15,873 6,849 \u2013 119,328 At 31 December 2022 (222,166) (1,810,484) (1,947,868) (239,786) \u2013 (4,220,304) Net book amount at 31 December 2022 190,818 1,018,436 1,053,793 138,027 461,490 2,862,564 1 Depreciation for the year includes US$501.8 million recognised as an expense in the income statement and US$4.7 million, capitalised as part of construction in progress. 2 From the additions in \u2018other assets\u2019 category US$(27.3) million corresponds to the reassessment of mine closure rehabilitations costs, see note 21. 3 Amounts include Right-of-use assets as described in note 25. 4 The amount of property, plant and equipment related to Soledad & Dipolos at 31 December 2022 is US$35.6 million and reflects capitalised mining works and the amount recognised in the cost of property, plant and equipment related to estimated remediation and closure activities. 5 From the total net amount of disposals, US$11.3 million correspond to a write of assets as disclosed in note 9. Year ended 31 December 20213 US$ thousands Land and buildings Plant and equipment 4 Mining properties and development costs Other assets2 Construction in progress Total Cost At 1 January 2021 342,021 2,385,252 2,408,327 356,055 677,035 6,168,690 Additions 8,059 154,908 98,192 12,661 351,614 625,434 Disposals (134) (9,555) (151,807) (426) \u2013 (161,922) Transfers and other movements 4,659 110,839 102,580 5,921 (223,999) \u2013 At 31 December 2021 354,605 2,641,444 2,457,292 374,211 804,650 6,632,202 Accumulated depreciation At 1 January 2021 (171,175) (1,540,185) (1,571,948) (177,185) \u2013 (3,460,493) Depreciation for the year 1 (27,489) (199,392) (271,573) (34,965) \u2013 (533,419) Disposals 11 9,066 151,332 376 \u2013 160,785 At 31 December 2021 (198,653) (1,730,511) (1,692,189) (211,774) \u2013 (3,833,127) Net book amount at 31 December 2021 155,952 910,933 765,103 162,437 804,650 2,799,075 1 Depreciation for the year includes US$529.4 million recognised as an expense in the income statement and US$4.6 million, capitalised as part of construction in progress. 2 From the additions in \u2018other assets\u2019 category US$3.9 million corresponds to the reassessment of mine closure rehabilitations costs, see note 21. 3 Amounts include Right-of-use assets as described in note 25. 4 The amount of property, plant and equipment related to Soledad & Dipolos at 31 December 2021 is US$35.4 million and reflects capitalised mining works and the amount recognised in the cost of property, plant and equipment related to estimated remediation and closure activities. 13. Property, plant and equipment continued
The table below details construction in progress by operating mine and development projects.
Year ended 31 December
2022
US$ thousands
2021
US$ thousands
Saucito 80,566 85,926
Herradura 27,208 29,479
Noche Buena 9,583 9,685
Ci\u00e9nega 53,204 38,976
Fresnillo 186,666 188,146
San Juli\u00e1n 34,203 17,304
Juanicipio 67,228 425,513
Other
1
2,832 9,621
461,490 804,650
1 Mainly corresponds to Minera Bermejal, S.A. de C.V. (2021: Minera Bermejal, S.A. de C.V.).
During the year ended 31 December 2022, the Group capitalised US$8.6 million of borrowing costs within construction in progress (2021: US$8.4 million).
Borrowing costs were capitalised at the rate of 5.02% (2021: 5.02%).
Sensitivity analysis
The key assumptions on which management bases the recoverable value calculations of the mining assets are commodity prices, future capital requirements,
production costs, reserves and resources volumes (reflected in production volumes) and discount rate.
Management considers that the recoverable value models support the carrying amounts of mining assets as at 31 December 2022. The models are most
sensitive to changes in commodity price assumptions and production volumes.
Other than as disclosed below, management has considered no reasonably possible change in any other key assumption above would cause the carrying value
of any of its mining assets to exceed its recoverable amount.
In the absence of any changes to any of the other key assumptions, a change in the below assumptions would have the following impact as at
31 December 2022:
\u2022 A decrease of 10% in gold and 15% in silver prices would result in an impairment charge of US$318.6 million.
\u2022 A decrease of 10% in the forecasted volume of silver produced would result in an impairment charge of US$128.0 million. A decrease of 10% in the
forecasted volume of gold produced would not result in an impairment charge.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "14. Silverstream contract On 31 December 2007, the Group entered into an agreement with Pe\u00f1oles through which the Group is entitled to receive the proceeds received by the Pe\u00f1oles Group in respect of the refined silver sold from the Sabinas Mine (\u2018Sabinas\u2019), a base-metals mine owned and operated by the Pe\u00f1oles Group, for an upfront payment of US$350 million. In addition, a per ounce cash payment of $2.00 in years one to five and $5.00 thereafter (subject to an inflationary adjustment that commenced from 31 December 2013) is payable to Pe\u00f1oles. The cash payment to Pe\u00f1oles per ounce of silver for the year ended 31 December 2022 was $5.54 per ounce (2021: $5.43 per ounce). Under the contract, the Group has the option to receive a net cash settlement from Pe\u00f1oles attributable to the silver produced and sold from Sabinas, to take delivery of an equivalent amount of refined silver or to receive settlement in the form of both cash and silver. If, by 31 December 2032, the amount of silver produced by Sabinas is less than 60 million ounces, a further payment is due from Pe\u00f1oles of US$1 per ounce of shortfall. The Silverstream contract represents a derivative financial instrument which has been recorded at FVPL and classified within non-current and current assets as appropriate. The term of the derivative is based on Sabinas\u2019 life of mine which is currently 26 years. Changes in the contract\u2019s fair value, other than those represented by the realisation of the asset through the receipt of either cash or refined silver, are charged or credited to the income statement. In the year ended 31 December 2022 total proceeds received in cash were US$33.4 million (2021: US$49.0 million) of which, US$4.8 million was in respect of proceeds receivable as at 31 December 2021 (2021: US$7.7 million in respect of proceeds receivable as at 31 December 2020). Cash received in respect of the year of US$28.5 million (2021: US$41.3 million) corresponds to 2.06 million ounces of payable silver (2021: 2.4 million ounces). As at 31 December 2022, a further US$8.3 million (2021: US$4.8 million) of cash receivable corresponding to 453,158 ounces of silver is due (2021: 274,237 ounces). A reconciliation of the beginning balance to the ending balance is shown below: 2022 US$ thousands 2021 US$ thousands Balance at 1 January 529,544 576,140 Cash received in respect of the year (28,513) (41,338) Cash receivable (8,342) (4,842) Remeasurement gains/(loss) recognised in profit and loss 18,785 (416) Balance at 31 December 511,474 529,544 Less \u2013 Current portion 36,218 35,152 Non-current portion 475,256 494,392 The US$18.8 million unrealised gain recorded in the income statement (31 December 2021: US$0.4 million loss) resulted mainly from an update in the production mine plan with higher reserves, the amortisation effect, and an increase in the forward silver price curve, these effects were partially offset by an increase in the discount rates (SOFR). Significant assumptions used in the valuation of the Silverstream contract are as follows: \u2022 Forecasted volumes (millions of ounces/moz): - Silver to be produced and sold over the life of mine 103.2 moz (2021: 97.4 moz). - Average annual silver to be produced and sold 4.0 moz (2021: 3.5 moz). \u2022 Weighted average discount rate 9.82% (2021: 7.92%). \u2022 Future silver prices (US$ per ounce). Year ended 31 December Year 1 Year 2 Year 3 Year 4 Year 5 Long-term 2022 24.45 25.53 26.22 27.12 27.33 18.81 2021 22.54 22.19 21.90 21.63 21.39 18.51 The fair value of the Silverstream contract is determined using a valuation model including unobservable inputs (Level 3). This derivative has a term of over 26 years and the valuation model utilises several inputs that are not based on observable market data due to the nature of these inputs and/or the duration of the contract. Inputs that have a significant effect on the recorded fair value are the volume of silver that will be produced and sold from the Sabinas mine over the contract life, the future price of silver, future foreign exchange rates between the Mexican peso and US dollar, future inflation and the discount rate used to discount future cash flows. The estimate of the volume of silver that will be produced and sold from the Sabinas mine requires estimates of the recoverable silver reserves and resources, the related production profile based on the Sabinas mine plan and the expected recovery of silver from ore mined. The estimation of these inputs is subject to a range of operating assumptions and may change over time. Estimates of reserves and resources are updated annually by Pe\u00f1oles, the operator and sole interest holder in the Sabinas mine and provided to the Company. The production profile and estimated payable silver that will be recovered from ore mined is based on the operational mine plan, with certain amendments to reflect a basis that a market participant would consider, that is provided to the Company by Pe\u00f1oles. The inputs assume no interruption in production over the life of the Silverstream contract and production levels which are consistent with those achieved in recent years. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs described above and determines their impact on the total fair value. The fair value of the Silverstream contract is significantly sensitive to a reasonably possible change in future silver price. the discount rate used to discount future cash flows and total recoverable resources and reserves over the life of mine. The sensitivity of these key inputs is as follows: Year ended 31 December Commodity price Discount rate Increase/ (decrease) in silver price Effect on profit before tax: increase/ (decrease) US$ thousands Basis point increase/ (decrease) in interest rate Effect on profit before tax: increase/ (decrease) US$ thousands 2022 20% 133,736 100% (41,860) (15%) (100,302) (25%) 11,452 2021 15% 104,419 25% (13,219) (15%) (104,419) \u2013 \u2013 14. Silverstream contract continued Management considers that an appropriate sensitivity for volumes produced and sold is on the total recoverable reserve and resource quantities over the contract term rather than annual production volumes over the mine life. Reasonably possible change in total recoverable resources and reserves quantities over the life of the mine of an increase of approximately 6% would result in an increase in the value of the contract of US$30.6 million (a reduction of 6% in reserves and resources quantity would decrease the fair value of the contract by US$30.6 million). The significant unobservable inputs are not interrelated. The Sabinas mine is a polymetallic mine that contains copper, lead and zinc as well as silver, which is produced as a by-product. Therefore, changes to base metals prices (rather than the price of silver) are most relevant to the Sabinas mine production plans and the overall economic assessment of the mine. The effects on profit before tax and equity of reasonably possible changes to the inflation rates and the US dollar exchange rate compared to the Mexican peso on the Silverstream contract are not material. The Group\u2019s exposure to reasonably possible changes in other currencies is not material. ",
"dimensions": {
"concept": "fresnilloplc:DisclosureOfSilverstreamContract",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-482": {
"value": "15. Inventories As at 31 December 2022 US$ thousands 2021 US$ thousands Finished goods1 27,257 19,137 Work in progress 2 375,603 344,805 Ore stockpile3 26,020 3,234 Operating materials and spare parts 163,947 125,824 592,827 493,000 Allowance for obsolete and slow-moving inventories (5,463) (5,196) Balance as 31 December 587,364 487,804 Less \u2013 Current portion 495,744 396,184 Non-current portion 4 91,620 91,620 1 Finished goods include metals contained in concentrates and dor\u00e9 bars on hand or in transit to a smelter or refinery. 2 Work in progress includes metals contained in ores on leaching pads for an amount of US$307.6 million (2021: US$316.6 million) and in stockpiles US$58.8 million (2021: US$28.2 million) that will be processed in dynamic leaching plants (note 2(c)). 3 Ore stockpile includes ore mineral obtained during the development phase at Juanicipio. 4 Non-current inventories relate to ore in leaching pads where the leaching process has stopped and is not expected to restart within twelve months. As at 31 December 2022 and 2021 non-current inventories corresponds to Soledad & Dipolos mine unit (note 2 (c)). Concentrates are a product containing sulphides with variable content of precious and base metals and are sold to smelters and/or refineries. Dor\u00e9 is an alloy containing a variable mixture of gold and silver that is delivered in bar form to refineries. Activated carbon is a product containing variable mixture of gold and silver that is delivered in small particles. The amount of inventories recognised as an expense in the year was US$1,906.8 million (2021: US$1,770.3 million). During 2022 and 2021, there was no adjustment to net realisable value allowance against work-in-progress inventory. The adjustment to the allowance for obsolete and slow-moving inventory recognised as an expense was US$2.59 million (2021: US$0.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-483": {
"value": "16. Trade and other receivables Year ended 31 December 2022 US$ thousands 2021 US$ thousands Trade receivables from related parties (note 27) 275,844 265,473 Value Added Tax receivable 85,979 103,448 Other receivables from related parties (note 27) 8,377 4,886 Other receivables from contractors 52 27 Other receivables 8,697 11,478 Other receivables arising from the Layback Agreement (note 2 (c)) 25,994 16,684 404,943 401,996 Expected credit loss of \u2018Other receivables\u2019 (444) (572) Trade and other receivables classified as current assets 404,499 401,424 Other receivables classified as non-current assets: Other receivable from contractors 1,638 \u2013 Value Added Tax receivable 36,820 34,634 Other receivables arising from the Layback Agreement (note 2 (c)) \u2013 23,914 Trade and other receivables classified as non-current assets 38,458 58,548 Total trade and other receivables 442,957 459,972 Trade receivables are shown net of any corresponding advances, are non-interest bearing and generally have payment terms of 46 to 60 days. The total receivables denominated in US$ were US$311.7 million (2021: US$315.6 million), and in Mexican pesos US$131.2 million (2021: US$144.4 million). Balances corresponding to Value Added Tax receivables and US$8.7 million within Other receivables (2021: US$10.4 million) are not financial assets. As of 31 December for each year presented, except for \u2018other receivables\u2019 in the table above, all trade and other receivables were neither past due nor credit-impaired. The amount past due and considered as credit-impaired as of 31 December 2022 is US$0.4 million (2021: US$0.6 million). Trade receivables from related parties and other receivables from related parties (see note 14) are classified as financial assets at FVTPL and are therefore not considered in the expected credit loss analysis. In determining the recoverability of receivables, the Group performs a risk analysis considering the type and age of the outstanding receivable and the credit worthiness of the counterparty, see note 31(b). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-484": {
"value": "17. Cash and cash equivalents The Group considers cash and cash equivalents when planning its operations and in order to achieve its treasury objectives. As at 31 December 2022 US$ thousands 2021 US$ thousands Cash at bank and on hand 2,516 2,834 Short-term deposits 966,544 1,232,448 Cash and cash equivalents 969,060 1,235,282 Cash at bank earns interest at floating rates based on daily bank deposits. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. Short-term deposits can be withdrawn at short notice without any penalty or loss in value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-485": {
"value": "18. Equity Share capital and share premium Authorised share capital of the Company is as follows: Class of share As at 31 December 2022 2021 Number Amount Number Amount Ordinary Shares each of US$0.50 1,000,000,000 $500,000,000 1,000,000,000 $500,000,000 Sterling Deferred Ordinary Shares each of \u00a31.00 50,000 \u00a350,000 50,000 \u00a350,000 Issued share capital of the Company is as follows: Ordinary Shares Sterling Deferred Ordinary Shares Number US$ Number \u00a3 At 1 January 2021 736,893,589 $368,545,586 50,000 \u00a350,000 At 31 December 2021 736,893,589 $368,545,586 50,000 \u00a350,000 At 31 December 2022 736,893,589 $368,545,586 50,000 \u00a350,000 As at 31 December 2022 and 2021, all issued shares with a par value of US$0.50 each are fully paid. The rights and obligations attached to these shares are governed by law and the Company\u2019s Articles of Association. Ordinary shareholders are entitled to receive notice and to attend and speak at any general meeting of the Company. There are no restrictions on the transfer of the Ordinary Shares. The Sterling Deferred Ordinary Shares only entitle the shareholder on winding up or on a return of capital to payment of the amount paid up after repayment to Ordinary Shareholders. The Sterling Deferred Ordinary Shares do not entitle the holder to payment of any dividend, or to receive notice or to attend and speak at any general meeting of the Company. The Company may also at its option redeem the Sterling Deferred Ordinary Shares at a price of \u00a31.00 or, as custodian, purchase or cancel the Sterling Deferred Ordinary Shares or require the holder to transfer the Sterling Deferred Ordinary Shares. Except at the option of the Company, the Sterling Deferred Ordinary Shares are not transferable. 18. Equity continued Reserves Share premium This reserve records the consideration premium for shares issued at a value that exceeds their nominal value. Capital reserve The capital reserve arose as a consequence of the Pre-IPO Reorganisation as a result of using the pooling of interest method. Hedging reserve This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge, net of tax. When the hedged transaction occurs, the gain or the loss is transferred out of equity to the income statement or the value of other assets. Cost of hedging reserve The changes in the time value of option contracts are accumulated in the costs of hedging reserve. These deferred costs of hedging are either reclassified to profit or loss or recognised as a basis adjustment to non-financial assets or liabilities upon maturity of the hedged item, or, in the case of a hedge item that realises over time, amortised on a systematic and rational basis over the life of the hedged item. Fair value reserve of financial assets at FVOCI The Group has elected to recognise changes in the fair value of certain investments in equity securities in OCI, as explained in note 2(g). These changes are accumulated within the FVOCI reserve within equity. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised. Foreign currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial information of entities with a functional currency different to that of the presentational currency of the Group. Retained earnings This reserve records the accumulated results of the Group, less any distributions and dividends paid. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-520": {
"value": "Share capital and share premium Authorised share capital of the Company is as follows: Class of share As at 31 December 2022 2021 Number Amount Number Amount Ordinary Shares each of US$0.50 1,000,000,000 $500,000,000 1,000,000,000 $500,000,000 Sterling Deferred Ordinary Shares each of \u00a31.00 50,000 \u00a350,000 50,000 \u00a350,000 Issued share capital of the Company is as follows: Ordinary Shares Sterling Deferred Ordinary Shares Number US$ Number \u00a3 At 1 January 2021 736,893,589 $368,545,586 50,000 \u00a350,000 At 31 December 2021 736,893,589 $368,545,586 50,000 \u00a350,000 At 31 December 2022 736,893,589 $368,545,586 50,000 \u00a350,000 As at 31 December 2022 and 2021, all issued shares with a par value of US$0.50 each are fully paid. The rights and obligations attached to these shares are governed by law and the Company\u2019s Articles of Association. Ordinary shareholders are entitled to receive notice and to attend and speak at any general meeting of the Company. There are no restrictions on the transfer of the Ordinary Shares. The Sterling Deferred Ordinary Shares only entitle the shareholder on winding up or on a return of capital to payment of the amount paid up after repayment to Ordinary Shareholders. The Sterling Deferred Ordinary Shares do not entitle the holder to payment of any dividend, or to receive notice or to attend and speak at any general meeting of the Company. The Company may also at its option redeem the Sterling Deferred Ordinary Shares at a price of \u00a31.00 or, as custodian, purchase or cancel the Sterling Deferred Ordinary Shares or require the holder to transfer the Sterling Deferred Ordinary Shares. Except at the option of the Company, the Sterling Deferred Ordinary Shares are not transferable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-509": {
"value": "Share capital and share premium Authorised share capital of the Company is as follows: Class of share As at 31 December 2022 2021 Number Amount Number Amount Ordinary Shares each of US$0.50 1,000,000,000 $500,000,000 1,000,000,000 $500,000,000 Sterling Deferred Ordinary Shares each of \u00a31.00 50,000 \u00a350,000 50,000 \u00a350,000 Issued share capital of the Company is as follows: Ordinary Shares Sterling Deferred Ordinary Shares Number US$ Number \u00a3 At 1 January 2021 736,893,589 $368,545,586 50,000 \u00a350,000 At 31 December 2021 736,893,589 $368,545,586 50,000 \u00a350,000 At 31 December 2022 736,893,589 $368,545,586 50,000 \u00a350,000 As at 31 December 2022 and 2021, all issued shares with a par value of US$0.50 each are fully paid. The rights and obligations attached to these shares are governed by law and the Company\u2019s Articles of Association. Ordinary shareholders are entitled to receive notice and to attend and speak at any general meeting of the Company. There are no restrictions on the transfer of the Ordinary Shares. The Sterling Deferred Ordinary Shares only entitle the shareholder on winding up or on a return of capital to payment of the amount paid up after repayment to Ordinary Shareholders. The Sterling Deferred Ordinary Shares do not entitle the holder to payment of any dividend, or to receive notice or to attend and speak at any general meeting of the Company. The Company may also at its option redeem the Sterling Deferred Ordinary Shares at a price of \u00a31.00 or, as custodian, purchase or cancel the Sterling Deferred Ordinary Shares or require the holder to transfer the Sterling Deferred Ordinary Shares. Except at the option of the Company, the Sterling Deferred Ordinary Shares are not transferable. Reserves Share premium This reserve records the consideration premium for shares issued at a value that exceeds their nominal value. Capital reserve The capital reserve arose as a consequence of the Pre-IPO Reorganisation as a result of using the pooling of interest method. Hedging reserve This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge, net of tax. When the hedged transaction occurs, the gain or the loss is transferred out of equity to the income statement or the value of other assets. Cost of hedging reserve The changes in the time value of option contracts are accumulated in the costs of hedging reserve. These deferred costs of hedging are either reclassified to profit or loss or recognised as a basis adjustment to non-financial assets or liabilities upon maturity of the hedged item, or, in the case of a hedge item that realises over time, amortised on a systematic and rational basis over the life of the hedged item. Fair value reserve of financial assets at FVOCI The Group has elected to recognise changes in the fair value of certain investments in equity securities in OCI, as explained in note 2(g). These changes are accumulated within the FVOCI reserve within equity. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised. Foreign currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial information of entities with a functional currency different to that of the presentational currency of the Group. Retained earnings This reserve records the accumulated results of the Group, less any distributions and dividends paid. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-486": {
"value": "19. Dividends declared and paid The dividends declared and paid during the years ended 31 December 2022 and 2021 are as follows: US cents per Ordinary Share Amount US$ thousands Year ended 31 December 2022 Final dividend for 2021 declared and paid during the year1 24.00 176,855 Interim dividend for 2022 declared and paid during the year 2 3.40 25,054 27.40 201,909 Year ended 31 December 2021 Final dividend for 2020 declared and paid during the year3 23.50 173,170 Interim dividend for 2021 declared and paid during the year4 9.90 72,952 33.40 246,122 1 This dividend was approved by the shareholders on 17 May 2022 and paid on 27 May 2022. 2 This dividend was approved by the Board of Directors on 1 August 2022 and paid 14 September 2022. 3 This dividend was approved by the shareholders on 24 June 2021 and paid on 28 June 2021. 4 This dividend was approved by the Board of Directors on 3 August 2021 and paid 15 September 2021. A reconciliation between dividend declared, dividends affected to retained earnings and dividend presented in the cash flow statements is as follows: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Dividends declared 201,909 246,122 Foreign exchange effect \u2013 60 Dividends recognised in retained earnings 201,909 246,182 Foreign exchange and hedging effect 41 (621) Dividends paid 201,950 245,561 As previously reported, in late 2019 the Directors became aware of a technical breach of the Companies Act 2006 (the Act) whereby certain dividends paid between 2011 and 2019 (the \u2018Historic Dividends\u2019) had been made without having filed interim accounts in accordance with the Act. The relevant interim accounts have now been filed with the Registrar of Companies and these show that the Company had sufficient distributable reserves at the point at which each of the Historic Dividends was paid. As a matter of prudency, in 2022 the Directors put forward a resolution to shareholders in order to regularise the position. The resolution was passed at the 2021 annual general meeting. This matter will have no effect on the monies received pursuant to these dividends and will not adversely impact shareholders or the Company. The Company therefore considers the matter closed. The Directors have proposed a final dividend of US$13.3 cents per share, which is subject to approval at the Annual General Meeting and is not recognised as a liability as at 31 December 2022. Dividends paid from the profits generated from 1 January 2014 to residents in Mexico and to non-resident shareholders may be subject to an additional tax of up to 10%, which will be withheld by the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-487": {
"value": "20. Interest-bearing loans Senior Notes On 13 November 2013, the Group completed its offering of US$800 million aggregate principal amount of 5.500% Senior Notes due November 2023 (the 5.500% Notes). On 29 September 2020, the Group repurchased certain of its 5.500% Notes that had a carrying value of US$482.1 million for a consideration of US$543.0 million. On 2 October 2020, the Group completed its offering of US$850 million aggregate principal amount of 4.250% Senior Notes due 2050. The proceeds were partially used to finance the repurchase mentioned above. Movements in the year in the debt recognised in the balance sheet are as follows: As at 31 December 2022 US$ thousands 2021 US$ thousands Opening balance 1,157,545 1,156,670 Accrued interest 56,475 56,384 Interest paid1 (56,371) (56,370) Amortisation of discount and transaction costs 908 861 Closing balance 1,158,557 1,157,545 Less \u2013 Current portion 317,879 \u2013 Non-current portion 840,678 1,157,545 1 Interest is payable semi-annually on 13 May and 13 November for 5.500% senior notes and 2 April and 2 October for 4.250% senior notes. The Group has the following restrictions derived from the issuance of all outstanding Senior Notes: Change of control: Should the rating of the senior notes be downgraded as a result of a change of control (defined as the sale or transfer of 35% or more of the common shares; the transfer of all or substantially all the assets of the Group; starting a dissolution or liquidation process; or the loss of the majority in the Board of Directors) the Group is obligated to repurchase the notes at an equivalent price of 101% of their nominal value plus the interest earned at the repurchase date, if requested to do so by any creditor. Pledge on assets: The Group shall not pledge or allow a pledge on any property that may have a material impact on business performance (key assets). Nevertheless, the Group may pledge the aforementioned properties provided that the repayment of the Notes keeps the same level of priority as the pledge on those assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-488": {
"value": "21. Provision for mine closure cost The provision represents the discounted values of the risk-adjusted estimated cost to decommission and rehabilitate the mines at the estimated date of depletion of mine deposits. Uncertainties in estimating these costs include potential changes in regulatory requirements, decommissioning, dismantling and reclamation alternatives, timing; the effects of climate change, and the discount, foreign exchange and inflation rates applied. Closure provisions are typically based on conceptual level studies that are refreshed at least every three years. As these studies are renewed, they incorporate greater consideration of forecast climate conditions at closure. The Group has performed separate calculations of the provision by currency, discounting at corresponding rates. As at 31 December 2022, the discount rates used in the calculation of the parts of the provision that relate to Mexican pesos range from 10.08% to 10.62% (2021: range from 6.39% to 8.33%). The range for the current year parts that relate to US dollars range from 3.08% to 4.44% (2021: range from 0.57% to 1.40%). Mexican regulations regarding the decommissioning and rehabilitation of mines are limited and less developed in comparison to regulations in many other jurisdictions. It is the Group\u2019s intention to rehabilitate the mines beyond the requirements of Mexican law, and estimated costs reflect this level of expense. The Group intends to fully rehabilitate the affected areas at the end of the lives of the mines. The provision is expected to become payable at the end of the production life of each mine, based on the reserves and resources, which ranges from one to 22 years from 31 December 2022 (3 to 24 years from 31 December 2021). As at 31 December 2022 the weighted average term of the provision is 12 years (2021: 12 years). As at 31 December 2022 US$ thousands 2021 US$ thousands Opening balance 260,307 245,688 Increase to existing provision 23,757 17,078 Effect of changes in discount rate (63,061) (7,821) Unwinding of discount rate 15,243 11,622 Payments (1,085) (879) Foreign exchange 12,046 (5,381) Closing balance 247,207 260,307 Less \u2013 Current portion 4,827 3,351 Non-current portion 242,380 256,956 The provision is sensitive to changes in discount rates. Changes in market rates and risks not considered in the risk-adjusted cost estimates could change the discount rate. To illustrate the sensitivity of the provision to discounting, if the discount rate at 31 December 2022 decreased by 50 basis points then the provision would be US$13.0 million higher (2021: US$43.4 million). If the discount rate increased by 50 basis points then the provision would be US$12.0 million lower (2021: US$27.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-489": {
"value": "22. Pensions and other post-employment benefit plans The Group has a defined contribution plan and a defined benefit plan. The defined contribution plan was established as from 1 July 2007 and consists of periodic contributions made by each Mexican non-unionised worker and contributions made by the Group to the fund matching workers\u2019 contributions, capped at 8% of the employee\u2019s annual salary. The defined benefit plan provides pension benefits based on each worker\u2019s earnings and years of services provided by personnel hired up to 30 June 2007 as well as statutory seniority premiums for both unionised and non-unionised workers. The overall investment policy and strategy for the Group\u2019s defined benefit plan is guided by the objective of achieving an investment return which, together with contributions, ensures that there will be sufficient assets to pay pension benefits and statutory seniority premiums for non-unionised workers as they fall due while also mitigating the various risks of the plan. However, the portion of the plan related to statutory seniority premiums for unionised workers is not funded. The investment strategies for the plan are generally managed under local laws and regulations. The actual asset allocation is determined by current and expected economic and market conditions and in consideration of specific asset class risk in the risk profile. Within this framework, the Group ensures that the trustees consider how the asset investment strategy correlates with the maturity profile of the plan liabilities and the respective potential impact on the funded status of the plan, including potential short-term liquidity requirements. Death and disability benefits are covered through insurance policies. The following tables provide information relating to changes in the defined benefit obligation and the fair value of plan assets: Balance at 1 January 2022 Pension cost charge to income statement Benefits paid Remeasurement gains/(losses) in OCI Contributions by employer Defined benefit decrease due to personnel transfer Balance at 31 December 2022 Service cost Net interest Foreign exchange Sub-total recognised in the year Return on plan assets (excluding amounts included in net interest) Actuarial changes arising from changes in demographic assumptions Actuarial changes arising from changes in financial assumptions Sub-total included in OCI 1 US$ thousands Defined benefit obligation (25,673) (1,260) (1,826) (1,651) (4,737) 2,065 1,894 1,894 437 (26,014) Fair value of plan assets 19,167 1,333 1,160 2,493 (2,065) (2,615) (2,615) \u2013 (428) 16,552 Net benefit liability (6,506) (1,260) (493) (491) (2,244) \u2013 (2,615) 1,894 (721) 9 (9,462) Balance at 1 January 2021 Pension cost charge to income statement Benefits paid Remeasurement gains/(losses) in OCI Contributions by employer Defined benefit decrease due to personnel transfer Balance at 31 December 2021 Service cost Net interest Foreign exchange Sub-total recognised in the year Return on plan assets (excluding amounts included in net interest) Actuarial changes arising from changes in demographic assumptions Actuarial changes arising from changes in financial assumptions Sub-total included in OCI 1 US$ thousands Defined benefit obligation (31,358) (1,249) (1,906) 1,572 (1,583) 841 3,946 3,946 2,481 (25,673) Fair value of plan assets 19,381 1,167 (616) 551 (841) 1,744 1,744 732 (2,400) 19,167 Net benefit liability (11,977) (1,249) (739) 956 (1,032) \u2013 1,744 3,946 5,690 732 81 (6,506) 1 The effect corresponding to partially-owned subsidiaries has been allocated in the non-controlling interest of the year. Of the total defined benefit obligation, US$10.7 million (2021: US$9.6 million) relates to statutory seniority premiums for unionised workers which are not funded. The expected contributions to the plan for the next annual reporting period are nil. The principal assumptions used in determining pension and other post-employment benefit obligations for the Group\u2019s plans are shown below: As at 31 December 2022 % 2021 % Discount rate 10.23 7.99 Future salary increases (National Consumer Price Index) 5.25 5.00 The life expectancy of current and future pensioners, men and women aged 65 and older will live on average for a further 23.98 and 26.72 years respectively (2021: 24.08 years for men and 27.05 for women). The weighted average duration of the defined benefit obligation is 10.8 years (2021: 12.1 years). The fair values of the plan assets were as follows: As at 31 December 2022 US$ thousands 2021 US$ thousands State owned companies \u2013 3,180 Mutual funds (fixed rates) 16,552 15,987 16,552 19,167 As at 31 December 2022 and 2021, all the funds were invested in quoted debt instruments. The pension plan has not invested in any of the Group\u2019s own financial instruments nor in properties or assets used by the Group. 22. Pensions and other post-employment benefit plans continued A quantitative sensitivity analysis for significant assumptions as at 31 December 2022 is as shown below: Assumptions Discount rate Future salary increases (NCPI) Life expectancy of pensioners Sensitivity level 0.5% Increase 0.5% Decrease 0.5% increase 0.5% decrease + 1 Increase Year ended 31 December 2022 (Decrease)/increase to the net defined benefit obligation (US$ thousands) (967) 1,044 176 (174) 145 Year ended 31 December 2021 (Decrease)/increase to the net defined benefit obligation (US$ thousands) (1,079) 1,174 157 (156) 208 The sensitivity analysis above has been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The pension plan is not sensitive to future changes in salaries other than in respect of inflation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-490": {
"value": "23. Trade and other payables As at 31 December 2022 US$ thousands 2021 US$ thousands Trade payables 140,297 130,187 Other payables to related parties (note 27) 35,969 30,930 Accrued expenses 60,321 22,319 Layback Agreement (note 2 (c)) \u2013 67,182 Other taxes and contributions 22,280 19,699 258,867 270,317 Trade payables are mainly for the acquisition of materials, supplies and contractor services. These payables do not accrue interest and no guarantees have been granted. The fair value of trade and other payables approximate their book values. Balances corresponding to Accrued expenses and Other tax and contributions are not financial liabilities. The Group\u2019s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 31. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-491": {
"value": "24. Commitments A summary of capital expenditure commitments by operating mine and development project is as follows: As at 31 December 2022 US$ thousands 2021 US$ thousands Saucito 33,980 49,127 Herradura 11,024 21,258 Noche Buena 227 213 Ci\u00e9nega 10,753 15,710 Fresnillo 48,629 43,541 San Juli\u00e1n 9,745 6,379 Juanicipio 47,809 103,100 Other 414 970 162,581 240,298 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-492": {
"value": "25. Leases (a) The Group as lessee The Group leases various offices, buildings, plant and equipment and IT equipment. The resulting lease liability is as follows: As at 31 December 2022 US$ thousands 31 December 2021 US$ thousands IT equipment 10,914 8,406 Plant and equipment 3,776 \u2013 Buildings 439 2,421 Total lease liability 15,129 10,827 Less \u2013 Current portion 5,209 4,681 Non-current portion 9,920 6,146 The total cash outflow for leases for the year ended 31 December 2022, except short-term and low value leases, amounts to US$5.8 million (2021: US$6.5 million), including finance costs of U$0.7 million (2021: US$0.5 million).The table below details right-of-use assets included as property plant and equipment in note 13. Year ended 31 December 2022 US$ thousands Buildings Computer equipment Plant and Equipment Total Cost At 1 January 2022 4,332 15,704 \u2013 20,036 Additions 288 5,580 3,933 9,801 At 31 December 2022 4,620 21,284 3,933 29,837 Accumulated depreciation At 1 January 2022 (1,786) (7,719) \u2013 (9,505) Depreciation for the year (799) (4,675) (234) (5,708) At 31 December 2022 (2,585) (12,394) (234) (15,213) Net book amount at 31 December 2022 2,035 8,890 3,699 14,624 Year ended 31 December 2021 US$ thousands Building Computer equipment Total Cost At 1 January 2021 4,001 17,527 21,528 Additions 331 2,889 3,220 At 31 December 2021 4,332 20,416 24,748 Accumulated depreciation At 1 January 2021 (1,059) (8,056) (9,115) Depreciation for the year (727) (4,375) (5,102) At 31 December 2021 (1,786) (12,431) (14,217) Net book amount at 31 December 2021 2,546 7,985 10,531 Amounts recognised in profit and loss for the year, additional to depreciation of right-of-use assets, included US$0.7 million (2021: US$0.5 million) relating to interest expense, US$60.4 million on relating variable lease payments (note 6) of which US$11.4 million were capitalised as a part of stripping cost (2021: nil), US$0.8 million (2021: US$0.7 million) relating to short-term leases and US$3.3 million (2021: $3.3 million) relating to low-value assets. (b) The Group as a lessor Operating leases, in which the Group is the lessor, relate to mobile equipment owned by the Group with lease terms of between 12 to 36 months. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the equipment at the expiry of the lease period. The Group\u2019s leases as a lessor are not material. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-493": {
"value": "26. Contingencies As of 31 December 2022, the Group has the following contingencies: \u2022 The Group is subject to various laws and regulations which, if not observed, could give rise to penalties. \u2022 Tax periods remain open to review by the Mexican tax authorities (SAT, by its Spanish acronym) in respect of income taxes for five years following the date of the filing of corporate income tax returns, during which time the authorities have the right to raise additional tax assessments including penalties and interest. Under certain circumstances, the reviews may cover longer periods. As such, there is a risk that transactions, and in particular related party transactions, that have not been challenged in the past by the authorities, may be challenged by them in the future. \u2022 On 8 May 2008, the Company and Pe\u00f1oles entered into the Separation Agreement (the \u2018Separation Agreement\u2019). This agreement relates to the separation of the Group and the Pe\u00f1oles Group and governs certain aspects of the relationship between the Fresnillo Group and the Pe\u00f1oles Group following the initial public offering in May 2008 (\u2018Admission\u2019). The Separation Agreement provides for cross-indemnities between the Company and Pe\u00f1oles so that, in the case of Pe\u00f1oles, it is held harmless against losses, claims and liabilities (including tax liabilities) properly attributable to the precious metals business of the Group and, in the case of the Company, it is held harmless by Pe\u00f1oles against losses, claims and liabilities which are not properly attributable to the precious metals business. Save for any liability arising in connection with tax, the aggregate liability of either party under the indemnities shall not exceed US$250 million in aggregate. \u2022 In 2011, flooding occurred in the Saucito mine, following which the Group filed an insurance claim in respect of the damage caused (and in respect of business interruption). This insurance claim was rejected by the insurance provider. In early 2018, after the matter had been taken to mutually agreed arbitration, the insurance claim was declared valid; however, there is disagreement about the appropriate amount to be paid. In October 2018 the Group received US$13.6 million in respect of the insurance claim, however this does not constitute a final settlement and management continues to pursue a higher insurance payment. Due to the fact that negotiations are on-going and there is uncertainty regarding the timing and amount involved in reaching a final settlement with the insurer, it is currently not practicable to determine the total amount expected to be recovered. \u2022 It is probable that interest income will be earned on the Group\u2019s outstanding income and value added tax receivable balances; however, there is no certainty that this interest will be realised until the underlying balance is recovered. Due to that uncertainty, it is also not practicable to estimate the amount of interest income earned but not recovered to date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-494": {
"value": "27. Related party balances and transactions The Group had the following related party transactions during the years ended 31 December 2022 and 2021 and balances as at 31 December 2022 and 2021. Related parties are those entities owned or controlled by the ultimate controlling party, as well as those who have a minority participation in Group companies and key management personnel of the Group. (a) Related party balances Accounts receivable Accounts payable As at 31 December As at 31 December 2022 US$ thousands 2021 US$ thousands 2022 US$ thousands 2021 US$ thousands Trade: Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V. 275,844 265,473 421 298 Other: Industrias Pe\u00f1oles, S.A.B. de C.V. 1 8,342 4,842 \u2013 \u2013 Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V. \u2013 6 \u2013 \u2013 Servicios Administrativos Pe\u00f1oles, S.A. de C.V. \u2013 \u2013 4,630 4,519 Servicios Especializados Pe\u00f1oles, S.A. de C.V. \u2013 \u2013 8,964 179 Fuentes de Energ\u00eda Pe\u00f1oles, S.A. de C.V. \u2013 \u2013 1,062 5,220 Termoel\u00e9ctrica Pe\u00f1oles, S. de R.L. de C.V. \u2013 \u2013 3,206 2,154 E\u00f3lica de Coahuila S.A. de C.V. \u2013 \u2013 13,466 13,589 Minera Capela, S.A. de C.V. \u2013 \u2013 \u2013 714 Other 35 38 4,220 4,257 Sub\u2013total 284,221 270,359 35,969 30,930 Less\u2013current portion 284,221 270,359 35,969 30,930 Non-current portion \u2013 \u2013 \u2013 \u2013 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14. Related party accounts receivable and payable will be settled in cash. Other balances with related parties: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Silverstream contract: Industrias Pe\u00f1oles, S.A.B. de C.V. 511,474 529,544 The Silverstream contract can be settled in either silver or cash. Details of the Silverstream contract are provided in note 14. (b) Principal transactions with affiliates, including Industrias Pe\u00f1oles S.A.B de C.V., the Company\u2019s Parent, are as follows: Year ended 31 December 2022 US$ thousands 2021 US$ thousands Income: Sales:1 Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V. 2,436,761 2,704,447 Insurance recovery Grupo Nacional Provincial, S.A. B. de C.V. 606 23 Other income 4,959 2,708 Total income 2,442,326 2,707,178 1 Figures do not include the effects of hedging as the derivative transactions are not undertaken with related parties. Year ended 31 December 2022 US$ thousands 2021 US$ thousands Expenses: Administrative services: Servicios Administrativos Pe\u00f1oles, S.A. de C.V.2 34,755 35,654 Servicios Especializados Pe\u00f1oles, S.A. de C.V.3 18,918 19,105 Pe\u00f1oles Tecnolog\u00eda, S.A. de C.V. 4,356 1,425 58,029 56,184 Energy: Termoel\u00e9ctrica Pe\u00f1oles, S. de R.L. de C.V. 20,630 19,597 Fuentes de Energ\u00eda Pe\u00f1oles, S.A. de C.V. 3,259 5,019 E\u00f3lica de Coahuila S.A. de C.V. 31,031 39,423 54,920 64,039 Operating materials and spare parts: Wideco Inc 6,610 5,465 Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V. 9,694 10,579 16,304 16,044 Equipment repair and administrative services: Serviminas, S.A. de C.V. 7,492 10,029 Insurance premiums: Grupo Nacional Provincial, S.A. B. de C.V. 16,443 16,422 Other expenses: 4,395 7,441 Total expenses 157,583 170,159 2 Includes US$0.8 million (2021: US$3.1 million) corresponding to expenses reimbursed. 3 Includes US$nil (2021: US$2.6 million) relating to engineering costs that were capitalised. 27. Related party balances and transactions continued (c) Compensation of key management personnel of the Group Key management personnel include the members of the Board of Directors and the Executive Committee. Year ended 31 December 2022 US$ thousands 2021 US$ thousands Salaries and bonuses 2,792 3,142 Post-employment benefits 244 192 Other benefits 316 337 Total compensation paid in respect of key management personnel 3,352 3,671 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Accumulated accrued defined benefit pension entitlement 4,035 4,138 This compensation includes amounts paid to directors disclosed in the Directors\u2019 Remuneration Report. The accumulated accrued defined pension entitlement represents benefits accrued at the time the benefits were frozen. There are no further benefits accruing under the defined benefit scheme in respect of current services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-510": {
"value": "(c) Compensation of key management personnel of the Group Key management personnel include the members of the Board of Directors and the Executive Committee. Year ended 31 December 2022 US$ thousands 2021 US$ thousands Salaries and bonuses 2,792 3,142 Post-employment benefits 244 192 Other benefits 316 337 Total compensation paid in respect of key management personnel 3,352 3,671 Year ended 31 December 2022 US$ thousands 2021 US$ thousands Accumulated accrued defined benefit pension entitlement 4,035 4,138 This compensation includes amounts paid to directors disclosed in the Directors\u2019 Remuneration Report. The accumulated accrued defined pension entitlement represents benefits accrued at the time the benefits were frozen. There are no further benefits accruing under the defined benefit scheme in respect of current services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-495": {
"value": "28. Auditor\u2019s remuneration Fees due by the Group to its auditor during the year ended 31 December 2022 and 2021 are as follows: Class of services Year ended 31 December 2022 US$ thousands 2021 US$ thousands Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts 1,879 1,413 Fees payable to the Group\u2019s auditor and its associates for other services as follows: The audit of the Company\u2019s subsidiaries pursuant to legislation 316 382 Audit-related assurance services 437 497 Total 2,632 2,292 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-496": {
"value": "29. Notes to the consolidated statement of cash flows Notes 2022 US$ thousands 2021 US$ thousands Reconciliation of profit for the year to net cash generated from operating activities Profit for the year 308,291 438,496 Adjustments to reconcile profit for the period to net cash inflows from operating activities: Depreciation and amortisation 13 501,769 529,390 Employee profit sharing 8 9,841 16,662 Deferred income tax credit 11 (233,090) (157,116) Current income tax expense 11 173,370 330,151 Write-off of assets 9 11,315 \u2013 Loss/(gain) on the sale of property, plant and equipment and other assets 305 (5,041) Net finance costs 55,148 52,863 Foreign exchange loss 823 1,306 Difference between pension contributions paid and amounts recognised in the income statement 1,259 625 Non-cash movement on derivatives \u2013 531 Layback agreement (note 2 (c)) (67,182) \u2013 Changes in fair value of Silverstream 14 (18,785) 416 Working capital adjustments Decrease in trade and other receivables 7,199 85,581 Increase in prepayments and other assets (14,064) (2,233) Increase in inventories (99,562) (44,596) Increase in trade and other payables 40,282 19,252 Cash generated from operations 676,919 1,266,287 Income tax paid 1 (158,343) (349,840) Employee profit sharing paid (16,391) (21,306) Net cash from operating activities 502,185 895,141 1 Income tax paid includes US$116.1 million corresponding to corporate income tax (2021: US$321.8 million) and US$53.3 corresponding to special mining right (2021: US$28.0 million), for further information refer to note 11. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-497": {
"value": "30. Financial instruments (a) Fair value category Financial assets: As at 31 December 2022 US$ thousands Amortised cost Fair value through OCI Fair value (hedging instruments) Fair value through profit or loss Trade and other receivables 1 27,276 \u2013 \u2013 284,186 Equity instruments at FVOCI \u2013 158,813 \u2013 \u2013 Silverstream contract (note 14) \u2013 \u2013 \u2013 511,474 Derivative financial instruments \u2013 \u2013 231 \u2013 Financial liabilities: Amortised cost Fair value (hedging instruments) Fair value through profit or loss Interest-bearing loans (note 20) 1,158,557 \u2013 \u2013 Notes payable2 104,962 \u2013 \u2013 Trade and other payables (note 23) 176,266 \u2013 \u2013 Derivative financial instruments \u2013 487 \u2013 Financial assets: As at 31 December 2021 US$ thousands Amortised cost Fair value through OCI Fair value (hedging instruments) Fair value through profit or loss Trade and other receivables 1 41,217 \u2013 \u2013 270,315 Equity instruments at FVOCI \u2013 164,525 \u2013 \u2013 Silverstream contract (note 14) \u2013 \u2013 \u2013 529,544 Derivative financial instruments \u2013 \u2013 96 \u2013 Financial liabilities: Amortised cost Fair value (hedging instruments) Fair value through profit or loss Interest-bearing loans (note 20) 1,157,545 \u2013 \u2013 Notes payable2 107,918 \u2013 \u2013 Trade and other payables (note 23) 161,117 \u2013 \u2013 Derivative financial instruments \u2013 3,885 \u2013 1 Trade and other receivables and embedded derivative within sales contracts are presented net in Trade and other receivables in the balance sheet. 2 Corresponds to interest-bearing notes payable received from Minera los Lagartos, S.A. de C.V. which holds a non-controlling interest in Juanicipio project. The notes are denominated in US dollars and bear interest at a rate that ranges between 2.15-6.34% with a maturity of nine to 18 months (2021: 12 months). During the year, proceeds and payments from these Notes amounted to US$8.1 million and US$10.0 million respectively (2021: US$41.7 million and US$nil). (b) Fair value measurement The value of financial assets and liabilities other than those measured at fair value are as follows: As at 31 December Carrying amount Fair value 2022 US$ thousands 2021 US$ thousands 2022 US$ thousands 2021 US$ thousands Financial assets: Trade and other receivables 27,276 41,217 27,276 41,217 Financial liabilities: Interest-bearing loans1 (note 20) 1,158,557 1,157,545 990,588 1,237,689 Trade and other payables 176,266 161,117 176,266 161,117 Note payable 104,962 107,918 104,962 107,918 1 Interest-bearing loans are categorised in Level 1 of the fair value hierarchy. 30. Financial instruments continued The financial assets and liabilities measured at fair value are categorised into the fair value hierarchy as at 31 December as follows: As of 31 December 2022 Fair value measure using Quoted prices in active markets Level 1 US$ thousands Significant observable Level 2 US$ thousands Significant unobservable Level 3 US$ thousands Total US$ thousands Financial assets: Trade receivables \u2013 \u2013 284,186 284,186 Derivative financial instruments: \u2013 \u2013 \u2013 \u2013 Option and forward foreign exchange contracts \u2013 231 \u2013 231 Silverstream contract \u2013 \u2013 511,474 511,474 Other financial assets: Equity instruments at FVOCI 158,813 \u2013 \u2013 158,813 158,813 231 795,660 954,704 Financial liabilities: Derivative financial instruments: Option and forward foreign exchange contracts \u2013 487 \u2013 487 \u2013 487 \u2013 487 As of 31 December 2021 Fair value measure using Quoted prices in active markets Level 1 US$ thousands Significant observable Level 2 US$ thousands Significant unobservable Level 3 US$ thousands Total US$ thousands Financial assets: Trade receivables \u2013 \u2013 270,315 270,315 Derivative financial instruments: Option commodity contracts \u2013 66 \u2013 66 Option and forward foreign exchange contracts \u2013 30 \u2013 30 Silverstream contract \u2013 \u2013 529,544 529,544 Other financial assets: Equity instruments at FVOCI 164,525 \u2013 \u2013 164,525 164,525 96 799,859 964,480 Financial liabilities: Derivative financial instruments: Option commodity contracts \u2013 2,987 \u2013 2,987 Option and forward foreign exchange contracts \u2013 898 \u2013 898 \u2013 3,885 \u2013 3,885 There have been no transfers between Level 1 and Level 2 of the fair value hierarchy, and no transfers into and out of Level 3 fair value measurements. A reconciliation of the opening balance to the closing balance for Level 3 financial instruments other than Silverstream (which is disclosed in note 14) is shown below: 2022 US$ thousands 2021 US$ thousands Balance at 1 January: 265,473 326,834 Sales 2,440,063 2,705,720 Cash collection (2,426,390) (2,765,807) Changes in fair value (20,178) (3,695) Realised embedded derivatives during the year 16,876 2,421 Balance at 31 December 275,844 265,473 The fair value of financial assets and liabilities is included at reflects the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following valuation techniques were used to estimate the fair values: Option and forward foreign exchange contracts The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. The foreign currency forward (Level 2) contracts are measured based on observable spot exchange rates, the yield curves of the respective currencies as well as the currency basis spreads between the respective currencies. The foreign currency option contracts are valued using the Black Scholes model, the significant inputs to which include observable spot exchange rates, interest rates and the volatility of the currency. Option commodity contracts The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. The option commodity (Level 2) contracts are measured based on observable spot commodity prices, the yield curves of the respective commodity as well as the commodity basis spreads between the respective commodities. The option commodity contracts are valued using the Black Scholes model, the significant inputs to which include observable spot commodities price, interest rates and the volatility of the commodity. Silverstream contract For further information relating to the valuation techniques were used to estimate the fair value of the Silverstream contract as well as the sensitivity of the valuation to the key inputs are disclosed in note 14. Equity investments: The fair value of equity investments is derived from quoted market prices in active markets (Level 1). These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature. As of 31 December 2022, approximately 91.6% of the investments correspond to 9,314,877 shares (2021: 9,314,877 shares) of Mag Silver, Corp. for an amount of US$145.5 million (2021: US$146.1 million) and 5.7% of Endeavor, Inc. represented by 2,800,000 (2021: 2,800,000 shares) shares for an amount of US$9.1 million (2021: US$11.9 million). These equity investments are listed on the Canadian Stock Exchange. The prices per share as 31 December 2022 were US$15.62 (2021: US$15.69) and US$3.24 (2021: US$4.23), respectively. Interest-bearing loans The fair value of the Group\u2019s interest-bearing loan is derived from quoted market prices in active markets (Level 1). Trade receivables: Sales of concentrates, precipitates dor\u00e9 bars and activated carbon are \u2018provisionally priced\u2019 and revenue is initially recognised using this provisional price and the Group\u2019s best estimate of the contained metal. Revenue is subject to final price and metal content adjustments subsequent to the date of delivery (see note 2 (n)). This price exposure is considered to be an embedded derivative and therefore the entire related trade receivable is measured at fair value. At each reporting date, the provisionally priced metal content is revalued based on the forward selling price for the quotational period stipulated in the relevant sales contract. The selling price of metals can be reliably measured as these metals are actively traded on international exchanges but the estimated metal content is a non-observable input to this valuation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-511": {
"value": "(a) Fair value category Financial assets: As at 31 December 2022 US$ thousands Amortised cost Fair value through OCI Fair value (hedging instruments) Fair value through profit or loss Trade and other receivables 1 27,276 \u2013 \u2013 284,186 Equity instruments at FVOCI \u2013 158,813 \u2013 \u2013 Silverstream contract (note 14) \u2013 \u2013 \u2013 511,474 Derivative financial instruments \u2013 \u2013 231 \u2013 Financial liabilities: Amortised cost Fair value (hedging instruments) Fair value through profit or loss Interest-bearing loans (note 20) 1,158,557 \u2013 \u2013 Notes payable2 104,962 \u2013 \u2013 Trade and other payables (note 23) 176,266 \u2013 \u2013 Derivative financial instruments \u2013 487 \u2013 Financial assets: As at 31 December 2021 US$ thousands Amortised cost Fair value through OCI Fair value (hedging instruments) Fair value through profit or loss Trade and other receivables 1 41,217 \u2013 \u2013 270,315 Equity instruments at FVOCI \u2013 164,525 \u2013 \u2013 Silverstream contract (note 14) \u2013 \u2013 \u2013 529,544 Derivative financial instruments \u2013 \u2013 96 \u2013 Financial liabilities: Amortised cost Fair value (hedging instruments) Fair value through profit or loss Interest-bearing loans (note 20) 1,157,545 \u2013 \u2013 Notes payable2 107,918 \u2013 \u2013 Trade and other payables (note 23) 161,117 \u2013 \u2013 Derivative financial instruments \u2013 3,885 \u2013 1 Trade and other receivables and embedded derivative within sales contracts are presented net in Trade and other receivables in the balance sheet. 2 Corresponds to interest-bearing notes payable received from Minera los Lagartos, S.A. de C.V. which holds a non-controlling interest in Juanicipio project. The notes are denominated in US dollars and bear interest at a rate that ranges between 2.15-6.34% with a maturity of nine to 18 months (2021: 12 months). During the year, proceeds and payments from these Notes amounted to US$8.1 million and US$10.0 million respectively (2021: US$41.7 million and US$nil). (b) Fair value measurement The value of financial assets and liabilities other than those measured at fair value are as follows: As at 31 December Carrying amount Fair value 2022 US$ thousands 2021 US$ thousands 2022 US$ thousands 2021 US$ thousands Financial assets: Trade and other receivables 27,276 41,217 27,276 41,217 Financial liabilities: Interest-bearing loans1 (note 20) 1,158,557 1,157,545 990,588 1,237,689 Trade and other payables 176,266 161,117 176,266 161,117 Note payable 104,962 107,918 104,962 107,918 1 Interest-bearing loans are categorised in Level 1 of the fair value hierarchy. The financial assets and liabilities measured at fair value are categorised into the fair value hierarchy as at 31 December as follows: As of 31 December 2022 Fair value measure using Quoted prices in active markets Level 1 US$ thousands Significant observable Level 2 US$ thousands Significant unobservable Level 3 US$ thousands Total US$ thousands Financial assets: Trade receivables \u2013 \u2013 284,186 284,186 Derivative financial instruments: \u2013 \u2013 \u2013 \u2013 Option and forward foreign exchange contracts \u2013 231 \u2013 231 Silverstream contract \u2013 \u2013 511,474 511,474 Other financial assets: Equity instruments at FVOCI 158,813 \u2013 \u2013 158,813 158,813 231 795,660 954,704 Financial liabilities: Derivative financial instruments: Option and forward foreign exchange contracts \u2013 487 \u2013 487 \u2013 487 \u2013 487 As of 31 December 2021 Fair value measure using Quoted prices in active markets Level 1 US$ thousands Significant observable Level 2 US$ thousands Significant unobservable Level 3 US$ thousands Total US$ thousands Financial assets: Trade receivables \u2013 \u2013 270,315 270,315 Derivative financial instruments: Option commodity contracts \u2013 66 \u2013 66 Option and forward foreign exchange contracts \u2013 30 \u2013 30 Silverstream contract \u2013 \u2013 529,544 529,544 Other financial assets: Equity instruments at FVOCI 164,525 \u2013 \u2013 164,525 164,525 96 799,859 964,480 Financial liabilities: Derivative financial instruments: Option commodity contracts \u2013 2,987 \u2013 2,987 Option and forward foreign exchange contracts \u2013 898 \u2013 898 \u2013 3,885 \u2013 3,885 There have been no transfers between Level 1 and Level 2 of the fair value hierarchy, and no transfers into and out of Level 3 fair value measurements. A reconciliation of the opening balance to the closing balance for Level 3 financial instruments other than Silverstream (which is disclosed in note 14) is shown below: 2022 US$ thousands 2021 US$ thousands Balance at 1 January: 265,473 326,834 Sales 2,440,063 2,705,720 Cash collection (2,426,390) (2,765,807) Changes in fair value (20,178) (3,695) Realised embedded derivatives during the year 16,876 2,421 Balance at 31 December 275,844 265,473 The fair value of financial assets and liabilities is included at reflects the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following valuation techniques were used to estimate the fair values: Option and forward foreign exchange contracts The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. The foreign currency forward (Level 2) contracts are measured based on observable spot exchange rates, the yield curves of the respective currencies as well as the currency basis spreads between the respective currencies. The foreign currency option contracts are valued using the Black Scholes model, the significant inputs to which include observable spot exchange rates, interest rates and the volatility of the currency. Option commodity contracts The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. The option commodity (Level 2) contracts are measured based on observable spot commodity prices, the yield curves of the respective commodity as well as the commodity basis spreads between the respective commodities. The option commodity contracts are valued using the Black Scholes model, the significant inputs to which include observable spot commodities price, interest rates and the volatility of the commodity. Silverstream contract For further information relating to the valuation techniques were used to estimate the fair value of the Silverstream contract as well as the sensitivity of the valuation to the key inputs are disclosed in note 14. Equity investments: The fair value of equity investments is derived from quoted market prices in active markets (Level 1). These investments were irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature. As of 31 December 2022, approximately 91.6% of the investments correspond to 9,314,877 shares (2021: 9,314,877 shares) of Mag Silver, Corp. for an amount of US$145.5 million (2021: US$146.1 million) and 5.7% of Endeavor, Inc. represented by 2,800,000 (2021: 2,800,000 shares) shares for an amount of US$9.1 million (2021: US$11.9 million). These equity investments are listed on the Canadian Stock Exchange. The prices per share as 31 December 2022 were US$15.62 (2021: US$15.69) and US$3.24 (2021: US$4.23), respectively. Interest-bearing loans The fair value of the Group\u2019s interest-bearing loan is derived from quoted market prices in active markets (Level 1). Trade receivables: Sales of concentrates, precipitates dor\u00e9 bars and activated carbon are \u2018provisionally priced\u2019 and revenue is initially recognised using this provisional price and the Group\u2019s best estimate of the contained metal. Revenue is subject to final price and metal content adjustments subsequent to the date of delivery (see note 2 (n)). This price exposure is considered to be an embedded derivative and therefore the entire related trade receivable is measured at fair value. At each reporting date, the provisionally priced metal content is revalued based on the forward selling price for the quotational period stipulated in the relevant sales contract. The selling price of metals can be reliably measured as these metals are actively traded on international exchanges but the estimated metal content is a non-observable input to this valuation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-498": {
"value": "31. Financial risk management Overview The Group\u2019s principal financial assets and liabilities, other than derivatives, comprise trade and other receivables, cash, equity instruments at FVOCI, interest-bearing loans, notes payable and trade payables. The Group has exposure to the following risks from its use of financial instruments: \u2022 Market risk, including foreign currency, commodity price, interest rate and equity price risks. \u2022 Credit risk. \u2022 Liquidity risk. This note presents information about the Group\u2019s exposure to each of the above risks and the Group\u2019s objectives, policies and processes for assessing and managing risk. Further quantitative disclosures are included throughout the financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Fresnillo Audit Committee has responsibility for overseeing how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by Internal Audit, which undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. 31. Financial risk management continued (a) Market risk Market risk is the risk that changes in market factors, such as foreign exchange rates, commodity prices or interest rates will affect the Group\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. In the following tables, the effect on equity excludes the changes in retained earnings as a direct result of changes in profit before tax. Foreign currency risk The Group has financial instruments that are denominated in Mexican peso and other foreign currencies which are exposed to foreign currency risk. Transactions in currencies other than the US dollar include the purchase of services, fixed assets, spare parts and the payment of dividends. As a result, the Group has financial assets and liabilities denominated in currencies other than functional currency and holds cash and cash equivalents in Mexican peso. In order to manage the Group\u2019s exposure to foreign currency risk on expenditure denominated in currencies other than the US dollar, the Group has entered into certain forward and option derivative contracts. The following table demonstrates the sensitivity of cash and cash equivalents, trade and other receivables, trade and other payables and derivatives financial instruments (excluding Silverstream which impact is disclosed in note 14) to a reasonably possible change in the US dollar exchange rate compared to the Mexican peso, reflecting the impact on the Group\u2019s profit before tax and equity, with all other variables held constant. It is assumed that the same percentage change in exchange rates is applied to all applicable periods for the purposes of calculating the sensitivity with relation to derivative financial instruments. Year ended 31 December Strengthening/ (weakening) of US dollar Effect on profit before tax: increase/ (decrease) US$ thousands Effect on equity: increase/ (decrease) US$ thousands 2022 5% 742 1,120 (5%) (820) 3,610 2021 10% 2,123 1,251 (5%) (1,229) (1,587) The Group\u2019s exposure to reasonably possible changes in other currencies is not material. Commodity risk The Group has exposure to changes in metals prices (specifically silver, gold, lead and zinc) which have a significant effect on the Group\u2019s results. These prices are subject to global economic conditions and industry-related cycles. The Group uses derivative instruments to hedge against an element of gold, zinc and lead price. The table below reflects the aggregate sensitivity of financial assets and liabilities (excluding Silverstream which impact is disclosed in note 14) to a reasonably possible change in commodities prices, reflecting the impact on the Group\u2019s profit before tax with all other variables held constant. The sensitivity shown in the table below relates to changes in fair value of commodity derivatives financial instruments contracts (excluding Silverstream) and embedded derivatives in sales. Year ended 31 December Increase/(decrease) in commodity prices Effect on profit before tax: increase/ (decrease) US$ thousands Effect on equity: increase/ (decrease) US$ thousandsGold Silver Zinc Lead 2022 10% 20% 20% 15% 31,529 \u2013 (10%) (15%) (15%) (15%) (27,660) \u2013 2021 10% 15% 25% 15% 40,688 (4,861) (10%) (15%) (15%) (15%) (36,638) 2,707 Interest rate risk The Group is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally relating to the cash balances and the Silverstream contract held at the balance sheet date. Interest-bearing loans and notes payable are at a fixed rate, therefore the possibility of a change in interest rate only impacts its fair value but not its carrying amount. Therefore, interest-bearing loans, notes payable and loans from related parties are excluded from the table below. The following table demonstrates the sensitivity of financial assets and financial liabilities (excluding Silverstream which impact is disclosed in note 14) to a reasonably possible change in interest rate applied to a full year from the balance sheet date. There is no impact on the Group\u2019s equity other than the equivalent change in retained earnings. Year ended 31 December Basis point increase/ (decrease) in interest rate Effect on profit before tax: increase/ (decrease) US$ thousands 2022 100 8,667 (25) (2,167) 2021 25 3,088 \u2013 \u2013 The sensitivity shown in the table above primarily relates to the full year of interest on cash balances held as at the year end. Equity price risk The Group has exposure to changes in the price of equity instruments that it holds as equity investments at FVOCI. The following table demonstrates the sensitivity of equity investments at FVOCI to a reasonably possible change in market price of these equity instruments, reflecting the effect on the Group\u2019s profit before tax and equity: Year ended 31 December Increase/ (decrease) in equity price Effect on profit before tax: increase/ (decrease) (US$ thousands) Effect on equity: increase/ (decrease) US$ thousands 2022 10% \u2013 15,881 (25%) \u2013 (39,703) 2021 25% \u2013 40,707 (45%) \u2013 (73,272) (b) Credit risk Exposure to credit risk arises as a result of transactions in the Group\u2019s ordinary course of business and is applicable to trade and other receivables, cash and cash equivalents, the Silverstream contract and derivative financial instruments. The Group\u2019s policies are aimed at minimising losses as a result of counterparties\u2019 failure to honour their obligations. Individual exposures are monitored with customers subject to credit limits to ensure that the Group\u2019s exposure to bad debts is not significant. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counter party. The Group\u2019s financial assets are with counterparties with what the Group considers to have an appropriate credit rating. As disclosed in note 27, the counterparties to a significant proportion of these financial assets are related parties. At each balance sheet date, the Group\u2019s financial assets were neither credit-impaired nor past due, other than \u2018Other receivables\u2019 as disclosed in note 16. The Group\u2019s policies are aimed at minimising losses from foreign currency hedging contracts. The Company\u2019s foreign currency hedging contracts are entered into with large financial institutions with strong credit ratings. The Group has a high concentration of trade receivables with one counterparty Met-Mex Pe\u00f1oles, the Group\u2019s sole customer throughout 2022 and 2021. A further concentration of credit risk arises from the Silverstream contract. Both Met-Mex and the counterparty to the Silverstream contract are subsidiaries in the Pe\u00f1oles group which currently owns 75% of the shares of the Company and is considered by management to be of appropriate credit rating. The Group\u2019s surplus funds are managed by Servicios Administrativos Fresnillo, S.A. de C.V., which manages cash and cash equivalents, including short-term investments investing in several financial institutions. Accordingly, on an ongoing basis the Group deposits surplus funds with a range of financial institutions, depending on market conditions. In order to minimise exposure to credit risk, the Group only deposits surplus funds with financial institutions with a credit rating of MX-1 (Moody\u00b4s) and mxA-1+ (Standard and Poor\u2019s) and above. As at 31 December 2022, the Group had concentrations of credit risk as 35% of surplus funds were deposited with one financial institution of which the total investment was held in short-term deposits. The maximum credit exposure at the reporting date of each category of financial asset above is the carrying value as detailed in the relevant notes. See note 17 for the maximum credit exposure to cash and cash equivalents note 16 for other receivables and note 27 for related party trade and other receivables. The maximum credit exposure with relation to the Silverstream contract is the value of the derivative as at 31 December 2022, being US$511.5 million (2021: US$529.5 million). 31. Financial risk management continued (c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group monitors its risk of a shortage of funds using projected cash flows from operations and by monitoring the maturity of both its financial assets and liabilities. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. US$ thousands Within 1 year 2\u20133 years 3-5 years > 5 years Total As at 31 December 2022 Interest-bearing loans (note 20) 374,249 75,973 75,973 1,723,686 2,249,881 Trade and other payables 176,266 \u2013 \u2013 \u2013 176,266 Note payable 9,109 95,853 \u2013 \u2013 104,962 Lease liabilities (note 25) 6,055 6,933 3,129 1,620 17,737 Derivative financial instruments \u2013 liabilities 487 \u2013 \u2013 \u2013 487 US$ thousands Within 1 year 2\u20133 years 3-5 years > 5 years Total As at 31 December 2021 Interest-bearing loans (note 20) 56,370 412,236 75,973 1,761,672 2,306,251 Trade and other payables 161,117 \u2013 \u2013 \u2013 161,117 Note payable 107,918 \u2013 \u2013 \u2013 107,918 Lease liabilities (note 25) 5,054 5,213 846 639 11,752 Derivative financial instruments \u2013 liabilities 3,885 \u2013 \u2013 \u2013 3,885 The payments disclosed for financial derivative instruments in the above table are the gross undiscounted cash flows. However, those amounts may be settled gross or net. The following table shows the corresponding estimated inflows based on the contractual terms: US$ thousands Within 1 year 2-3 years 3-5 years > 5 years Total As at 31 December 2022 Inflows 13,319 \u2013 \u2013 \u2013 13,319 Outflows (13,322) \u2013 \u2013 \u2013 (13,322) Net (3) \u2013 \u2013 \u2013 (3) US$ thousands Within 1 year 2-3 years 3-5 years > 5 years Total As at 31 December 2021 Inflows 48,602 \u2013 \u2013 \u2013 48,602 Outflows (51,588) \u2013 \u2013 \u2013 (51,588) Net (2,986) \u2013 \u2013 \u2013 (2,986) The above liquidity tables include expected inflows and outflows from currency option contracts which the Group expects to be exercised during 2023 as at 31 December 2022 and during 2022 as at 31 December 2021, either by the Group or counterparty. Management considers that the Group has adequate current assets and forecast cash from operations to manage liquidity risks arising from current liabilities and non-current liabilities. Capital management The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios that support its business and maximise shareholder value. Management considers capital to consist of equity and interest-bearing loans, excluding net unrealised gains or losses on revaluation of derivatives financial instruments and Equity instruments at FVOCI. Refer to notes 18, 20 and 30 respectively for a quantitative summary of these items. In order to ensure an appropriate return for shareholder\u2019s capital invested in the Group management thoroughly evaluates all material projects and potential acquisitions and approves them at its Executive Committee before submission to the Board for ultimate approval, where applicable. The Group\u2019s dividend policy is based on the profitability of the business and underlying growth in earnings of the Group, as well as its capital requirements and cash flows, including cash flows from the Silverstream. One of the Group\u2019s metrics of capital is cash and other liquid assets which in 2022 and 2021 consisted of only cash and cash equivalents, which details are disclosed in note 17. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-512": {
"value": "(a) Market risk Market risk is the risk that changes in market factors, such as foreign exchange rates, commodity prices or interest rates will affect the Group\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. In the following tables, the effect on equity excludes the changes in retained earnings as a direct result of changes in profit before tax. Foreign currency risk The Group has financial instruments that are denominated in Mexican peso and other foreign currencies which are exposed to foreign currency risk. Transactions in currencies other than the US dollar include the purchase of services, fixed assets, spare parts and the payment of dividends. As a result, the Group has financial assets and liabilities denominated in currencies other than functional currency and holds cash and cash equivalents in Mexican peso. In order to manage the Group\u2019s exposure to foreign currency risk on expenditure denominated in currencies other than the US dollar, the Group has entered into certain forward and option derivative contracts. The following table demonstrates the sensitivity of cash and cash equivalents, trade and other receivables, trade and other payables and derivatives financial instruments (excluding Silverstream which impact is disclosed in note 14) to a reasonably possible change in the US dollar exchange rate compared to the Mexican peso, reflecting the impact on the Group\u2019s profit before tax and equity, with all other variables held constant. It is assumed that the same percentage change in exchange rates is applied to all applicable periods for the purposes of calculating the sensitivity with relation to derivative financial instruments. Year ended 31 December Strengthening/ (weakening) of US dollar Effect on profit before tax: increase/ (decrease) US$ thousands Effect on equity: increase/ (decrease) US$ thousands 2022 5% 742 1,120 (5%) (820) 3,610 2021 10% 2,123 1,251 (5%) (1,229) (1,587) The Group\u2019s exposure to reasonably possible changes in other currencies is not material. Commodity risk The Group has exposure to changes in metals prices (specifically silver, gold, lead and zinc) which have a significant effect on the Group\u2019s results. These prices are subject to global economic conditions and industry-related cycles. The Group uses derivative instruments to hedge against an element of gold, zinc and lead price. The table below reflects the aggregate sensitivity of financial assets and liabilities (excluding Silverstream which impact is disclosed in note 14) to a reasonably possible change in commodities prices, reflecting the impact on the Group\u2019s profit before tax with all other variables held constant. The sensitivity shown in the table below relates to changes in fair value of commodity derivatives financial instruments contracts (excluding Silverstream) and embedded derivatives in sales. Year ended 31 December Increase/(decrease) in commodity prices Effect on profit before tax: increase/ (decrease) US$ thousands Effect on equity: increase/ (decrease) US$ thousandsGold Silver Zinc Lead 2022 10% 20% 20% 15% 31,529 \u2013 (10%) (15%) (15%) (15%) (27,660) \u2013 2021 10% 15% 25% 15% 40,688 (4,861) (10%) (15%) (15%) (15%) (36,638) 2,707 Interest rate risk The Group is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally relating to the cash balances and the Silverstream contract held at the balance sheet date. Interest-bearing loans and notes payable are at a fixed rate, therefore the possibility of a change in interest rate only impacts its fair value but not its carrying amount. Therefore, interest-bearing loans, notes payable and loans from related parties are excluded from the table below. The following table demonstrates the sensitivity of financial assets and financial liabilities (excluding Silverstream which impact is disclosed in note 14) to a reasonably possible change in interest rate applied to a full year from the balance sheet date. There is no impact on the Group\u2019s equity other than the equivalent change in retained earnings. Year ended 31 December Basis point increase/ (decrease) in interest rate Effect on profit before tax: increase/ (decrease) US$ thousands 2022 100 8,667 (25) (2,167) 2021 25 3,088 \u2013 \u2013 The sensitivity shown in the table above primarily relates to the full year of interest on cash balances held as at the year end. Equity price risk The Group has exposure to changes in the price of equity instruments that it holds as equity investments at FVOCI. The following table demonstrates the sensitivity of equity investments at FVOCI to a reasonably possible change in market price of these equity instruments, reflecting the effect on the Group\u2019s profit before tax and equity: Year ended 31 December Increase/ (decrease) in equity price Effect on profit before tax: increase/ (decrease) (US$ thousands) Effect on equity: increase/ (decrease) US$ thousands 2022 10% \u2013 15,881 (25%) \u2013 (39,703) 2021 25% \u2013 40,707 (45%) \u2013 (73,272) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-513": {
"value": "(b) Credit risk Exposure to credit risk arises as a result of transactions in the Group\u2019s ordinary course of business and is applicable to trade and other receivables, cash and cash equivalents, the Silverstream contract and derivative financial instruments. The Group\u2019s policies are aimed at minimising losses as a result of counterparties\u2019 failure to honour their obligations. Individual exposures are monitored with customers subject to credit limits to ensure that the Group\u2019s exposure to bad debts is not significant. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counter party. The Group\u2019s financial assets are with counterparties with what the Group considers to have an appropriate credit rating. As disclosed in note 27, the counterparties to a significant proportion of these financial assets are related parties. At each balance sheet date, the Group\u2019s financial assets were neither credit-impaired nor past due, other than \u2018Other receivables\u2019 as disclosed in note 16. The Group\u2019s policies are aimed at minimising losses from foreign currency hedging contracts. The Company\u2019s foreign currency hedging contracts are entered into with large financial institutions with strong credit ratings. The Group has a high concentration of trade receivables with one counterparty Met-Mex Pe\u00f1oles, the Group\u2019s sole customer throughout 2022 and 2021. A further concentration of credit risk arises from the Silverstream contract. Both Met-Mex and the counterparty to the Silverstream contract are subsidiaries in the Pe\u00f1oles group which currently owns 75% of the shares of the Company and is considered by management to be of appropriate credit rating. The Group\u2019s surplus funds are managed by Servicios Administrativos Fresnillo, S.A. de C.V., which manages cash and cash equivalents, including short-term investments investing in several financial institutions. Accordingly, on an ongoing basis the Group deposits surplus funds with a range of financial institutions, depending on market conditions. In order to minimise exposure to credit risk, the Group only deposits surplus funds with financial institutions with a credit rating of MX-1 (Moody\u00b4s) and mxA-1+ (Standard and Poor\u2019s) and above. As at 31 December 2022, the Group had concentrations of credit risk as 35% of surplus funds were deposited with one financial institution of which the total investment was held in short-term deposits. The maximum credit exposure at the reporting date of each category of financial asset above is the carrying value as detailed in the relevant notes. See note 17 for the maximum credit exposure to cash and cash equivalents note 16 for other receivables and note 27 for related party trade and other receivables. The maximum credit exposure with relation to the Silverstream contract is the value of the derivative as at 31 December 2022, being US$511.5 million (2021: US$529.5 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-514": {
"value": "(c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group monitors its risk of a shortage of funds using projected cash flows from operations and by monitoring the maturity of both its financial assets and liabilities. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. US$ thousands Within 1 year 2\u20133 years 3-5 years > 5 years Total As at 31 December 2022 Interest-bearing loans (note 20) 374,249 75,973 75,973 1,723,686 2,249,881 Trade and other payables 176,266 \u2013 \u2013 \u2013 176,266 Note payable 9,109 95,853 \u2013 \u2013 104,962 Lease liabilities (note 25) 6,055 6,933 3,129 1,620 17,737 Derivative financial instruments \u2013 liabilities 487 \u2013 \u2013 \u2013 487 US$ thousands Within 1 year 2\u20133 years 3-5 years > 5 years Total As at 31 December 2021 Interest-bearing loans (note 20) 56,370 412,236 75,973 1,761,672 2,306,251 Trade and other payables 161,117 \u2013 \u2013 \u2013 161,117 Note payable 107,918 \u2013 \u2013 \u2013 107,918 Lease liabilities (note 25) 5,054 5,213 846 639 11,752 Derivative financial instruments \u2013 liabilities 3,885 \u2013 \u2013 \u2013 3,885 The payments disclosed for financial derivative instruments in the above table are the gross undiscounted cash flows. However, those amounts may be settled gross or net. The following table shows the corresponding estimated inflows based on the contractual terms: US$ thousands Within 1 year 2-3 years 3-5 years > 5 years Total As at 31 December 2022 Inflows 13,319 \u2013 \u2013 \u2013 13,319 Outflows (13,322) \u2013 \u2013 \u2013 (13,322) Net (3) \u2013 \u2013 \u2013 (3) US$ thousands Within 1 year 2-3 years 3-5 years > 5 years Total As at 31 December 2021 Inflows 48,602 \u2013 \u2013 \u2013 48,602 Outflows (51,588) \u2013 \u2013 \u2013 (51,588) Net (2,986) \u2013 \u2013 \u2013 (2,986) The above liquidity tables include expected inflows and outflows from currency option contracts which the Group expects to be exercised during 2023 as at 31 December 2022 and during 2022 as at 31 December 2021, either by the Group or counterparty. Management considers that the Group has adequate current assets and forecast cash from operations to manage liquidity risks arising from current liabilities and non-current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-515": {
"value": "Capital management The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios that support its business and maximise shareholder value. Management considers capital to consist of equity and interest-bearing loans, excluding net unrealised gains or losses on revaluation of derivatives financial instruments and Equity instruments at FVOCI. Refer to notes 18, 20 and 30 respectively for a quantitative summary of these items. In order to ensure an appropriate return for shareholder\u2019s capital invested in the Group management thoroughly evaluates all material projects and potential acquisitions and approves them at its Executive Committee before submission to the Board for ultimate approval, where applicable. The Group\u2019s dividend policy is based on the profitability of the business and underlying growth in earnings of the Group, as well as its capital requirements and cash flows, including cash flows from the Silverstream. One of the Group\u2019s metrics of capital is cash and other liquid assets which in 2022 and 2021 consisted of only cash and cash equivalents, which details are disclosed in note 17. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-7": {
"value": "21 Upper Brook Street London W1K 7PY",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300JXWH1UV5J0XV81",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}