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Corporate information Fresnillo plc. (the \u2018Company\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 (the \u2018Group\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 2023 were authorised for issue by the Board of Directors of Fresnillo plc on 4 March 2024. 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 2023 99.9% of the production were sold to Pe\u00f1oles\u2019 metallurgical complex, Met-Mex (2022: all the production), 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Fresnillo plc.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "Fresnillo plc.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "Baill\u00e8res family", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "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 report on pages 2-167. The financial position of the Group, its cash flows and liquidity position are described in the
Financial review in pages 64-75. 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 hedging activities; 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 2025 (the \u2018going concern period\u2019). The Directors have
also considered the cash position as of 31 December 2023 (US$534.6 million) and the net current asset position (US$1,167.0 million). In
addition, they reviewed a more conservative cash flow scenario with reduced silver and gold prices of US$22.8/ounce and US$1,793/
ounce respectively throughout the going concern\u2019s period, whilst maintaining current budgeted expenditure while only considering
projects approved by the Executive Committee. This resulted in a lower cash position, but still increase the cash balance year on year,
maintaining sufficient liquidity throughout the period. Finally, to maintain a strong liquidity, during January 2024, the Company entered
into a committed syndicated revolving credit facility (the \u2018facility\u2019) with a maximum amount available of US$350.0 million. The terms of
this facility include financial covenants related to leverage and interest cover ratios and the facility is available for a period of five years.
Under all going concern scenarios modelled, management forecasts compliance with such covenants.
The Directors have further calculated prices (US$19.7/ounce and US$1,579/ounce for silver and gold respectively), which should they
prevail to the end of 2025 would result in cash balances decreasing to minimal levels by the end of 2025, 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.
On the other hand, 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.
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 2023 and 2022, 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 2022.
New standards, interpretations and amendments (new standards) adopted by the Group
A number of new or amended standards (the \u2018Standards\u2019) became applicable for the current reporting period. The adoption of these
Standards did not have any impact on the accounting policies, financial position or performance of the Group.
The Group has evaluated the applicability of Pillar II rules considering that the Parent Company and the main subsidiaries of the Group
are tax resident in Mexico, management also assessed the status of the Pillar II legislation in the country, however, no laws or regulations
have been enacted to the date of this report.
Standards, interpretations and amendments issued but not yet effective
The International Accounting Standards Board (IASB) has issued other amendments resulting from improvements to IFRSs that
management considers do not have any impact on the 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 2023 are:
Recoverability of Soledad-Dipolos assets:
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 in 2013, 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.
Penmont is the legal and registered owner of the land where the 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 legal procedures. 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 the different legal proceedings that Minera Penmont has presented in order to regain access to the land,
and other proceedings that members of the El Baj\u00edo agrarian community have presented seeking the cancellation of Penmont\u2019s property
deed over this area, which 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.
In regard to the inventory, during the first half of the year the Company identified certain suspected illegal extraction of gold content at
its Soledad-Dipolos leaching pads. The Company estimates a loss of approximately 20,000 ounces of gold content and consequently
recognised a write-off of US$21.9 million regarding the Soledad-Dipolos gold contents in inventory, which has been presented as other
expenses in the Consolidated Income Statement. The Company took relevant actions with the support of diverse authorities to stop the
illegal extraction. During the second half of the year, a procedural visit by authorities took place. During the visit of the authorities to the
mine site it was confirmed there were no personnel carrying out any illegal mining activities at Soledad-Dipolos leaching pads. Thus,
the Company does not currently expect any further losses of this inventory.
The inventory write-off considered both the estimation of recoverable amount of gold existing at the leaching pad, and potential
volume of solution being irrigated on the area that is believed to have been leached to date. However, the nature of estimation means
that actual outcome may differ from those estimates.
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, as appeals are progressing as
expected. 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 2023.
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.
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 received upon the approval of COFECE,
US$15.0 million that was received in November 2022 and US$22.8 million that was received in November 2023.
Due to the fact that the contracts were negotiated together, the Group 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 was 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. In December 2022 the Group successfully provided the required support
to Orla with respect to the negotiations relevant to the acquisition of the rights to access from the local ejido, which was a performance
obligation in accordance to the Layback Agreement. Thus, the Company considered at that point that all the obligations established in
the Layback Agreement to have been completed and recognised the total value of the agreement (US$67.2 million) in profit or loss as
other income.
Juanicipio project:
Commercial production is the term used for the point at which a mining operation is available for use and capable of operating in the
manner intended by management. This generally means that the operation can produce its intended output at stable and sustainable
levels. The determination of when a mine reaches commercial production can be complex and judgemental. The Group considered
a number of factors when making this judgement, including completion of substantially all construction development activities in
accordance with design, a production ramp-up period which achieved an average throughput of 70% of mill nameplate capacity,
grades in line with mine plan and recoveries consistent with design.
The Group assessed the production start date for the mine and the plant separately. The Group had determined that the Juanicipio
mine started operations from 1 January 2022. After connecting the plant to the national electricity grid, the Group has concluded that
the Juanicipio plant has reached commercial production on 1 June 2023 following a successful commissioning period of the plant
and facilities. As commercial production has been achieved, the Group has started to depreciate all the plant assets and recognised
the corresponding charge as production cost.
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 the use of 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. \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.
The Group monitors the metallurgical balances to confirm the grade and recovery of the ore in inventories. Based on new technical
information and the reconsideration of actual recovery grades and updated leaching targets, the Group updated its estimate of gold
content in leaching pads increasing this by 30.7 thousand ounces of gold as at 1 January 2023.
This change in estimation was incorporated prospectively in inventory from 1 January 2023. The increase in the number of ounces
reduced the weighted average cost of inventory. Had the estimation not changed, production cost during 2023 would have been
US$30.9 million higher, with an offsetting impact against the work-in-progress inventory balance as of 31 December 2023.
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 a portion of mineral resources considering the expected rate of conversion to reserves 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. 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. Estimated
cash flows are not significantly sensitive to reasonable possible changes to key assumptions on which management bases the
recoverable value calculations. The carrying value of deferred tax assets is disclosed in note 11.
(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 based on actual life of mines are as follows:
Years
Buildings
6
Plant and equipment
10
Mining properties and development costs 10
Other assets
5
1
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.
\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.
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.
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 FVOCI; 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 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. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
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 effective interest
rate (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.
(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 considering proven and probable reserves 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 based on the estimated mine production which includes ore reserves and a certain amount of mineral resources. 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 (PTU) 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 costs 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 customers 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 customers. Indicators of control transferring include an unconditional obligation to pay, legal title,
physical possession, transfer of risk and rewards and customers 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.
Invoiced revenues to our customers for products other than refined silver and gold, 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 customers. Refining and treatment charges represent an element of the cost that will be incurred by our customers in
processing the products further to extract the metal content for onward sale to its customers (see note 5 (c)).
(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, which are identified by project, in areas
where the Group carriers out exploration activity. Currently the Group carries out exploration activities in Mexico and Latin America.
- 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 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 (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 and commodity 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 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.
(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 note 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "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 ($000) except when otherwise indicated. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "Basis of preparation and statement of compliance The Group consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and in accordance with the provisions of the Companies Act 2006. The consolidated financial statements have been prepared on a historical cost basis, except for trade receivables, derivative financial instruments, equity securities and defined benefit pension scheme assets which have been measured at fair value. The consolidated financial statements are presented in dollars of the United States of America (US dollars or US$) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "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 report on pages 2-167. The financial position of the Group, its cash flows and liquidity position are described in the Financial review in pages 64-75. 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 hedging activities; 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 2025 (the \u2018going concern period\u2019). The Directors have also considered the cash position as of 31 December 2023 (US$534.6 million) and the net current asset position (US$1,167.0 million). In addition, they reviewed a more conservative cash flow scenario with reduced silver and gold prices of US$22.8/ounce and US$1,793/ ounce respectively throughout the going concern\u2019s period, whilst maintaining current budgeted expenditure while only considering projects approved by the Executive Committee. This resulted in a lower cash position, but still increase the cash balance year on year, maintaining sufficient liquidity throughout the period. Finally, to maintain a strong liquidity, during January 2024, the Company entered into a committed syndicated revolving credit facility (the \u2018facility\u2019) with a maximum amount available of US$350.0 million. The terms of this facility include financial covenants related to leverage and interest cover ratios and the facility is available for a period of five years. Under all going concern scenarios modelled, management forecasts compliance with such covenants. The Directors have further calculated prices (US$19.7/ounce and US$1,579/ounce for silver and gold respectively), which should they prevail to the end of 2025 would result in cash balances decreasing to minimal levels by the end of 2025, 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. On the other hand, 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "Basis of consolidation The consolidated financial statements set out the Group\u2019s financial position as of 31 December 2023 and 2022, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "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 2022. New standards, interpretations and amendments (new standards) adopted by the Group A number of new or amended standards (the \u2018Standards\u2019) became applicable for the current reporting period. The adoption of these Standards did not have any impact on the accounting policies, financial position or performance of the Group. The Group has evaluated the applicability of Pillar II rules considering that the Parent Company and the main subsidiaries of the Group are tax resident in Mexico, management also assessed the status of the Pillar II legislation in the country, however, no laws or regulations have been enacted to the date of this report. Standards, interpretations and amendments issued but not yet effective The International Accounting Standards Board (IASB) has issued other amendments resulting from improvements to IFRSs that management considers do not have any impact on the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "New standards, interpretations and amendments (new standards) adopted by the Group A number of new or amended standards (the \u2018Standards\u2019) became applicable for the current reporting period. The adoption of these Standards did not have any impact on the accounting policies, financial position or performance of the Group. The Group has evaluated the applicability of Pillar II rules considering that the Parent Company and the main subsidiaries of the Group are tax resident in Mexico, management also assessed the status of the Pillar II legislation in the country, however, no laws or regulations have been enacted to the date of this report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "Standards, interpretations and amendments issued but not yet effective The International Accounting Standards Board (IASB) has issued other amendments resulting from improvements to IFRSs that management considers do not have any impact on the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "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 2023 are: Recoverability of Soledad-Dipolos assets: 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 in 2013, 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. Penmont is the legal and registered owner of the land where the 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 legal procedures. 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 the different legal proceedings that Minera Penmont has presented in order to regain access to the land, and other proceedings that members of the El Baj\u00edo agrarian community have presented seeking the cancellation of Penmont\u2019s property deed over this area, which 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. In regard to the inventory, during the first half of the year the Company identified certain suspected illegal extraction of gold content at its Soledad-Dipolos leaching pads. The Company estimates a loss of approximately 20,000 ounces of gold content and consequently recognised a write-off of US$21.9 million regarding the Soledad-Dipolos gold contents in inventory, which has been presented as other expenses in the Consolidated Income Statement. The Company took relevant actions with the support of diverse authorities to stop the illegal extraction. During the second half of the year, a procedural visit by authorities took place. During the visit of the authorities to the mine site it was confirmed there were no personnel carrying out any illegal mining activities at Soledad-Dipolos leaching pads. Thus, the Company does not currently expect any further losses of this inventory. The inventory write-off considered both the estimation of recoverable amount of gold existing at the leaching pad, and potential volume of solution being irrigated on the area that is believed to have been leached to date. However, the nature of estimation means that actual outcome may differ from those estimates. 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, as appeals are progressing as expected. 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 2023. 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. 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 received upon the approval of COFECE, US$15.0 million that was received in November 2022 and US$22.8 million that was received in November 2023. Due to the fact that the contracts were negotiated together, the Group 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 was 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. In December 2022 the Group successfully provided the required support to Orla with respect to the negotiations relevant to the acquisition of the rights to access from the local ejido, which was a performance obligation in accordance to the Layback Agreement. Thus, the Company considered at that point that all the obligations established in the Layback Agreement to have been completed and recognised the total value of the agreement (US$67.2 million) in profit or loss as other income. Juanicipio project: Commercial production is the term used for the point at which a mining operation is available for use and capable of operating in the manner intended by management. This generally means that the operation can produce its intended output at stable and sustainable levels. The determination of when a mine reaches commercial production can be complex and judgemental. The Group considered a number of factors when making this judgement, including completion of substantially all construction development activities in accordance with design, a production ramp-up period which achieved an average throughput of 70% of mill nameplate capacity, grades in line with mine plan and recoveries consistent with design. The Group assessed the production start date for the mine and the plant separately. The Group had determined that the Juanicipio mine started operations from 1 January 2022. After connecting the plant to the national electricity grid, the Group has concluded that the Juanicipio plant has reached commercial production on 1 June 2023 following a successful commissioning period of the plant and facilities. As commercial production has been achieved, the Group has started to depreciate all the plant assets and recognised the corresponding charge as production cost. 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 the use of 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. \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. The Group monitors the metallurgical balances to confirm the grade and recovery of the ore in inventories. Based on new technical information and the reconsideration of actual recovery grades and updated leaching targets, the Group updated its estimate of gold content in leaching pads increasing this by 30.7 thousand ounces of gold as at 1 January 2023. This change in estimation was incorporated prospectively in inventory from 1 January 2023. The increase in the number of ounces reduced the weighted average cost of inventory. Had the estimation not changed, production cost during 2023 would have been US$30.9 million higher, with an offsetting impact against the work-in-progress inventory balance as of 31 December 2023. 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 a portion of mineral resources considering the expected rate of conversion to reserves 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. 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. Estimated cash flows are not significantly sensitive to reasonable possible changes to key assumptions on which management bases the recoverable value calculations. The carrying value of deferred tax assets is disclosed in note 11. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "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 2023 are: Recoverability of Soledad-Dipolos assets: 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 in 2013, 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. Penmont is the legal and registered owner of the land where the 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 legal procedures. 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 the different legal proceedings that Minera Penmont has presented in order to regain access to the land, and other proceedings that members of the El Baj\u00edo agrarian community have presented seeking the cancellation of Penmont\u2019s property deed over this area, which 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. In regard to the inventory, during the first half of the year the Company identified certain suspected illegal extraction of gold content at its Soledad-Dipolos leaching pads. The Company estimates a loss of approximately 20,000 ounces of gold content and consequently recognised a write-off of US$21.9 million regarding the Soledad-Dipolos gold contents in inventory, which has been presented as other expenses in the Consolidated Income Statement. The Company took relevant actions with the support of diverse authorities to stop the illegal extraction. During the second half of the year, a procedural visit by authorities took place. During the visit of the authorities to the mine site it was confirmed there were no personnel carrying out any illegal mining activities at Soledad-Dipolos leaching pads. Thus, the Company does not currently expect any further losses of this inventory. The inventory write-off considered both the estimation of recoverable amount of gold existing at the leaching pad, and potential volume of solution being irrigated on the area that is believed to have been leached to date. However, the nature of estimation means that actual outcome may differ from those estimates. 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, as appeals are progressing as expected. 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 2023. 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. 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 received upon the approval of COFECE, US$15.0 million that was received in November 2022 and US$22.8 million that was received in November 2023. Due to the fact that the contracts were negotiated together, the Group 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 was 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. In December 2022 the Group successfully provided the required support to Orla with respect to the negotiations relevant to the acquisition of the rights to access from the local ejido, which was a performance obligation in accordance to the Layback Agreement. Thus, the Company considered at that point that all the obligations established in the Layback Agreement to have been completed and recognised the total value of the agreement (US$67.2 million) in profit or loss as other income. Juanicipio project: Commercial production is the term used for the point at which a mining operation is available for use and capable of operating in the manner intended by management. This generally means that the operation can produce its intended output at stable and sustainable levels. The determination of when a mine reaches commercial production can be complex and judgemental. The Group considered a number of factors when making this judgement, including completion of substantially all construction development activities in accordance with design, a production ramp-up period which achieved an average throughput of 70% of mill nameplate capacity, grades in line with mine plan and recoveries consistent with design. The Group assessed the production start date for the mine and the plant separately. The Group had determined that the Juanicipio mine started operations from 1 January 2022. After connecting the plant to the national electricity grid, the Group has concluded that the Juanicipio plant has reached commercial production on 1 June 2023 following a successful commissioning period of the plant and facilities. As commercial production has been achieved, the Group has started to depreciate all the plant assets and recognised the corresponding charge as production cost. 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 the use of 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. \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. The Group monitors the metallurgical balances to confirm the grade and recovery of the ore in inventories. Based on new technical information and the reconsideration of actual recovery grades and updated leaching targets, the Group updated its estimate of gold content in leaching pads increasing this by 30.7 thousand ounces of gold as at 1 January 2023. This change in estimation was incorporated prospectively in inventory from 1 January 2023. The increase in the number of ounces reduced the weighted average cost of inventory. Had the estimation not changed, production cost during 2023 would have been US$30.9 million higher, with an offsetting impact against the work-in-progress inventory balance as of 31 December 2023. 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 a portion of mineral resources considering the expected rate of conversion to reserves 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. 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. Estimated cash flows are not significantly sensitive to reasonable possible changes to key assumptions on which management bases the recoverable value calculations. The carrying value of deferred tax assets is disclosed in note 11. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "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 based on actual life of mines are as follows:
Years
Buildings
6
Plant and equipment
10
Mining properties and development costs 10
Other assets
5
1 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. \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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "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 based on actual life of mines are as follows:
Years
Buildings
6
Plant and equipment
10
Mining properties and development costs 10
Other assets
5
1 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. \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. 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-513": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-544": { "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 FVOCI; 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 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. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. 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 effective interest rate (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-514": { "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 FVOCI; 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 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. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. 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 effective interest rate (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "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 FVOCI; 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 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. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. 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 effective interest rate (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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "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. (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 note 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:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-515": { "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:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "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 considering
proven and probable reserves 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 based on the estimated mine production which includes ore reserves and a certain
amount of mineral resources. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "(l) Employee profit sharing In accordance with the Mexican legislation, companies in Mexico are subject to pay for employee profit sharing (PTU) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "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 costs 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "(n) Revenue from contracts with customers Revenue is recognised when control of goods or services transfers to the customers 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 customers. Indicators of control transferring include an unconditional obligation to pay, legal title, physical possession, transfer of risk and rewards and customers 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. Invoiced revenues to our customers for products other than refined silver and gold, 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 customers. Refining and treatment charges represent an element of the cost that will be incurred by our customers in processing the products further to extract the metal content for onward sale to its customers (see note 5 (c)). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-516": { "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, which are identified by project, in areas where the Group carriers out exploration activity. Currently the Group carries out exploration activities in Mexico and Latin America. - 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "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, which are identified by project, in areas where the Group carriers out exploration activity. Currently the Group carries out exploration activities in Mexico and Latin America. - 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "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 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 (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-517": { "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 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 (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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-545": { "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 and commodity 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 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:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-518": { "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 and commodity 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "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 and commodity 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-519": { "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:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-520": { "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 note 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:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "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 note 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "
3. Segment reporting
For management purposes, the Group is organised into operating segments based on producing mines.
At 31 December 2023, 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 silver-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.
The operating performance and financial results for each of these mines are reviewed by management. As the Group\u2019s chief operating
decision-maker (CODM) 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 on page 282 provides a reconciliation
from segment profit to gross profit as per the consolidated income statement. Administrative expenses, exploration expenses, selling
expenses, and other income and expenses not related to production activities included in the consolidated income statement are
not allocated to operating segments. Also, the Group\u2019s financing (including finance cost and finance income) and income taxes are
managed on a Group basis and 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 2023 99.9% of revenue was derived from customers based in Mexico (2022: 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
2023 and 2022, respectively. Revenues for the year ended 31 December 2023 and 2022 include those derived from contracts with
customers and other revenues, as showed in note 5.
Year ended 31 December 2023
US$ thousands
Adjustments
Noche and
Fresnillo
Herradura
Ci\u00e9nega
Saucito
Buena
San Juli\u00e1n
Juanicipio
Other
eliminations
Total
Revenues:
Third party
422,963
708,242
162,013
590,269
84,210
385,469
351,920
\u2013
\u2013
2,705,086
Inter-segment
4,254
\u2013
\u2013
\u2013
\u2013
\u2013
90,368
52,287
(146,909)
\u2013
Segment revenues
427,217
708,242
162,013
590,269
84,210
385,469
442,288
52,287
(146,909)
2,705,086
Segment profit
156,849
157,233
18,926
185,995
5,632
158,663
271,558
33,602
14,312
1,002,770
Depreciation and
amortisation in cost of sales
(497,303)
Employee profit sharing
in cost of sales
(2,229)
Gross profit as per the
income statement
503,238
Capital expenditure
97,809
56,923
43,841
125,052
52
74,824
82,167
2,741
\u2013
483,409
4
5
1
2
3
1 During 2023 all segment revenues were derived from Met-Mex, except in Juanicipio which includes sales to another customer of US$0.6 million.
2 The Group\u2019s CODM primarily uses this measure to monitor the operating results directly related to the production of its business units separately to make decisions about
resource allocation and performance assessment. Segment profit excluding foreign exchange hedging gains, depreciation and amortisation and employee profit sharing.
Segment profit for Fresnillo and Saucito considers the sales and the corresponding processing cost of the ore from Juanicipio.
3 Capital expenditure represents the cash outflow including interest capitalised in respect of additions to property, plant and equipment, such as mine development, construction
of leaching pads, and purchase of mine equipment, excluding additions relating to changes in the mine closure provision. Significant additions include stripping cost at
Herradura mine and the construction of tailing dams at San Juli\u00e1n and Saucito mines.
4 Some of the ore production of Juanicipio mine has been processed through Fresnillo and Saucito facilities.
5 Other inter-segment revenue corresponds to leasing services provided by Minera Bermejal, S.A. de C.V; capital expenditure mainly corresponds to Minera Bermejal, S. de R.L. de C.V.
Year ended 31 December 2022
US$ thousands
Adjustments
Noche and
Fresnillo
Herradura
Ci\u00e9nega
Saucito
Buena
San Juli\u00e1n
Juanicipio
Other
eliminations
Total
Revenues:
Third party
503,759
634,438
169,504
594,250
142,733
392,084
\u2013
\u2013
(3,778)
2,432,990
Inter-segment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
197,043
127,919
39,551
197,791
44,436
190,842
154,544
106,275
(12,203)
1,046,198
Depreciation and
amortisation in cost of sales
(500,569)
Employee profit sharing
in cost of sales
(9,609)
Gross profit as per the
income statement
536,020
Capital expenditure
106,579
105,322
47,019
117,989
424
64,490
149,629
677
\u2013
592,129
4
5
1
2
3
1 Adjustments and eliminations correspond to hedging loss (note 5).
2 The Group\u2019s CODM primarily uses this measure to monitor the operating results directly related to the production of its business units separately to make decisions about
resource allocation and performance assessment. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "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. The country of incorporation or registration is also their principal place of business.
(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 Profit (loss) allocated Accumulated
by non-controlling interest to non-controlling interest non-controlling interest
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Minera Juanicipio, S.A. de C.V.
44%
44%
35,853
31,398
195,991
160,046
Equipos Chaparral, S.A. de C.V.
44%
44%
18,311
5,105
97,377
69,561
Other subsidiaries with non-controlling
interests not considered to be material
\u2013
\u2013
227
(109)
1,977
1,599
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 2023 and 2022
Minera Juanicipio, S.A. de C.V.
Equipos Chaparral, S.A. de C.V.
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Revenue
442,288
215,736
\u2013
\u2013
Profit before income tax
102,447
100,635
45,412
5,390
Income tax (charge)/credit
(20,962)
(29,277)
(3,797)
6,212
Profit for the year
81,485
71,358
41,615
11,602
Other comprehensive gain/(loss)
31
(248)
8
31
Total comprehensive income
81,516
71,110
41,623
11,633
Attributable to non-controlling interests
35,867
31,288
18,314
5,119
Dividends paid to non-controlling interests
\u2013
\u2013
\u2013
\u2013
Summarised statement of financial position as at 31 December 2023 and 2022
Minera Juanicipio, S.A. de C.V.
Equipos Chaparral, S.A. de C.V.
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Current
Assets
120,396
77,596
34,990
13,226
Liabilities
(197,260)
(80,984)
(35,708)
(31,299)
Total current net liabilities
(76,864)
(3,388)
(718)
(18,073)
Non-current
Assets
776,156
630,418
222,030
202,263
Liabilities
(253,858)
(263,290)
\u2013
(26,097)
Total non-current net assets
522,298
367,128
222,030
176,166
Net assets
445,434
363,740
221,312
158,093
Attributable to:
Equity holders of Parent
249,443
203,694
123,935
88,532
Non-controlling interest
195,991
160,046
97,377
69,561
Summarised cash flow information for the year ended 31 December 2023 and 2022
Minera Juanicipio, S.A. de C.V.
Equipos Chaparral, S.A. de C.V.
31-Dec-23
31-Dec-22
31-Dec-23
31-Dec-22
Operating
133,299
127,113
(33,126)
(28,354)
Investing
(48,936)
(115,961)
340
261
Financing
(57,448)
(24,777)
509
23,663
Net increase/(decrease) in cash and cash equivalents
26,915
(13,625)
(32,277)
(4,430)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "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
2023 2022
US$ thousands US$ thousands
Revenues from contracts with customers
2,706,292
2,440,063
Revenues from other sources:
Provisional pricing adjustment on products sold
(1,206)
(3,302)
Hedging loss on sales
\u2013
(3,771)
2,705,086
2,432,990
(b) Revenues by product sold
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Lead concentrates (containing silver, gold, lead and by-products)
1,320,155
1,090,735
Dor\u00e9 and slag (containing gold, silver and by-products)
708,036
648,002
Zinc concentrates (containing zinc, silver and by-products)
290,138
326,912
Precipitates (containing gold and silver)
301,707
238,171
Activated carbon (containing gold, silver and by-products)
84,416
129,170
Iron concentrates (containing silver, gold, lead and by-products)
634
\u2013
2,705,086
2,432,990
(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
2023 2022
US$ thousands US$ thousands
Silver
1,319,423
1,089,189
Gold
1,177,386
1,114,168
Zinc
250,782
283,453
Lead
121,483
106,640
Value of metal content in products sold
2,869,074
2,593,450
Refining and treatment charges
(163,988)
(160,460)
Total revenues
2,705,086
2,432,990
1
2
1 The methodology to determine the refining and treatment charges takes into account industry benchmark charges and adjustments to reflect ore composition and transport
costs (refer to note 27 (b)).
2 Includes provisional price adjustments which represent changes in the fair value of trade receivables resulting in a loss of US$1.2 million (2022: loss of US$3.3 million) and hedging
loss of US$nil million (2022: loss of US$3.8 million). For further detail, refer to note 2 (n).
The average realised prices for the gold and silver content of products sold, prior to the deduction of treatment and refining
charges, were:
Year ended 31 December
2023 2022
US$ per ounce US$ per ounce
Gold
1,957.72
1,799.26
Silver
23.64
21.72
1
1
1 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-522": { "value": "(a) Revenues by source
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Revenues from contracts with customers
2,706,292
2,440,063
Revenues from other sources:
Provisional pricing adjustment on products sold
(1,206)
(3,302)
Hedging loss on sales
\u2013
(3,771)
2,705,086
2,432,990
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-521": { "value": "(b) Revenues by product sold
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Lead concentrates (containing silver, gold, lead and by-products)
1,320,155
1,090,735
Dor\u00e9 and slag (containing gold, silver and by-products)
708,036
648,002
Zinc concentrates (containing zinc, silver and by-products)
290,138
326,912
Precipitates (containing gold and silver)
301,707
238,171
Activated carbon (containing gold, silver and by-products)
84,416
129,170
Iron concentrates (containing silver, gold, lead and by-products)
634
\u2013
2,705,086
2,432,990
", "dimensions": { "concept": "ifrs-full:DisclosureOfProductsAndServicesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "
6. Cost of sales
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Depreciation and amortisation
497,303
500,569
Contractors
393,997
367,003
Energy
256,507
231,505
Operating materials
292,450
269,720
Maintenance and repairs
299,924
252,907
Personnel expenses
210,583
175,508
Mine equipment leased
69,754
48,991
Mining concession rights and contributions
23,045
22,044
Surveillance
23,983
18,741
Insurance
12,056
11,069
Freight
9,365
11,843
IT services
11,464
11,401
Other
23,154
34,675
Cost of production
2,123,585
1,955,976
Unabsorbed production costs
25,920
2,592
Gain on foreign currency hedges
(232)
\u2013
Change in work-in-progress and finished goods (ore inventories)
52,575
(61,598)
2,201,848
1,896,970
1
2
3
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 cost incurred during the testing period at Juanicipio plant and Fresnillo\u2019s Pyrites plant as a result of the delays to the commencement of production of
US$3.9 million and US$3.0 million respectively, non-productive cost for the temporary stoppage of activities in Penmont US$10.2 million and non-productive fixed mine cost
incurred in Noche Buena resulting from finalisation of mining activities US$8.7 million (2022: Corresponds to costs incurred in Juanicipio plant activities (note 2 (c)).
3 Refer to note 2 (c) for more detail related to change in work in progress inventories for the year ended 31 December 2023 following a change in estimation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-546": { "value": "6. Cost of sales
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Depreciation and amortisation
497,303
500,569
Contractors
393,997
367,003
Energy
256,507
231,505
Operating materials
292,450
269,720
Maintenance and repairs
299,924
252,907
Personnel expenses
210,583
175,508
Mine equipment leased
69,754
48,991
Mining concession rights and contributions
23,045
22,044
Surveillance
23,983
18,741
Insurance
12,056
11,069
Freight
9,365
11,843
IT services
11,464
11,401
Other
23,154
34,675
Cost of production
2,123,585
1,955,976
Unabsorbed production costs
25,920
2,592
Gain on foreign currency hedges
(232)
\u2013
Change in work-in-progress and finished goods (ore inventories)
52,575
(61,598)
2,201,848
1,896,970
1 2 3 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 cost incurred during the testing period at Juanicipio plant and Fresnillo\u2019s Pyrites plant as a result of the delays to the commencement of production of US$3.9 million and US$3.0 million respectively, non-productive cost for the temporary stoppage of activities in Penmont US$10.2 million and non-productive fixed mine cost incurred in Noche Buena resulting from finalisation of mining activities US$8.7 million (2022: Corresponds to costs incurred in Juanicipio plant activities (note 2 (c)). 3 Refer to note 2 (c) for more detail related to change in work in progress inventories for the year ended 31 December 2023 following a change in estimation. 7. Exploration expenses
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Contractors
122,973
111,981
Mining concession rights and contributions
28,777
25,570
Personnel expenses (note 8 (a))
13,315
10,779
Assays
8,950
6,269
Administrative services
2,057
2,086
Rentals
570
603
Other
5,805
8,502
182,447
165,790
These exploration expenses were mainly incurred in the operating mines located in Mexico: the Guanajuato, Orisyvo and Valles projects; and the Tajitos prospect. Exploration expenses of US$14.1 million (2022: US$17.9 million) were incurred in the year on projects located in Peru and Chile. Cash flows relating to exploration activities are as follows:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Operating cash out flows related to exploration activities
182,359
166,068
8. Personnel expenses
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Salaries and wages
109,470
87,534
Statutory healthcare and housing contributions
42,393
32,856
Other benefits
28,414
26,458
Bonuses
34,099
19,752
Employees\u2019 profit sharing
2,390
9,841
Post-employment benefits
12,799
8,792
Vacations and vacations bonus
6,541
5,448
Legal contributions
6,104
4,202
Training
2,532
3,749
Other
5,313
3,708
250,055
202,340
(a) Personnel expenses are reflected in the following line items:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Cost of sales (note 6)
215,952
175,508
Administrative expenses
20,788
16,053
Exploration expenses (note 7)
13,315
10,779
250,055
202,340
1
1 Includes amounts recognised as unabsorbed production cost amounting US$5.4 million (2022: US$nil).
(b) The monthly average number of employees during the year was as follows:
Year ended 31 December
2023 2022
No. No.
Mining
3,497
3,967
Plant
1,091
1,074
Exploration
270
265
Maintenance
1,327
1,382
Administration and other
1,118
1,237
Total
7,303
7,925
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-523": { "value": "6. Cost of sales
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Depreciation and amortisation
497,303
500,569
Contractors
393,997
367,003
Energy
256,507
231,505
Operating materials
292,450
269,720
Maintenance and repairs
299,924
252,907
Personnel expenses
210,583
175,508
Mine equipment leased
69,754
48,991
Mining concession rights and contributions
23,045
22,044
Surveillance
23,983
18,741
Insurance
12,056
11,069
Freight
9,365
11,843
IT services
11,464
11,401
Other
23,154
34,675
Cost of production
2,123,585
1,955,976
Unabsorbed production costs
25,920
2,592
Gain on foreign currency hedges
(232)
\u2013
Change in work-in-progress and finished goods (ore inventories)
52,575
(61,598)
2,201,848
1,896,970
1 2 3 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 cost incurred during the testing period at Juanicipio plant and Fresnillo\u2019s Pyrites plant as a result of the delays to the commencement of production of US$3.9 million and US$3.0 million respectively, non-productive cost for the temporary stoppage of activities in Penmont US$10.2 million and non-productive fixed mine cost incurred in Noche Buena resulting from finalisation of mining activities US$8.7 million (2022: Corresponds to costs incurred in Juanicipio plant activities (note 2 (c)). 3 Refer to note 2 (c) for more detail related to change in work in progress inventories for the year ended 31 December 2023 following a change in estimation.
13. Property, plant and equipment
Year ended 31 December 2023
US$ thousands
Mining
properties and
Land and Plant and development Other Construction
buildings equipment costs
assets
2
in progress
Total
Cost
At 1 January 2023
412,984
2,828,920
3,001,661
377,813
461,490
7,082,868
Additions
903
103,835
5,428
37,839
358,579
506,584
Disposals
(308)
(26,480)
(2,763)
(12,345)
\u2013
(41,896)
Transfers and other movements
22,305
226,170
236,380
49,741
(534,596)
\u2013
At 31 December 2023
435,884
3,132,445
3,240,706
453,048
285,473
7,547,556
Accumulated depreciation
At 1 January 2023
(222,166)
(1,810,484)
(1,947,868)
(239,786)
\u2013
(4,220,304)
Depreciation for the year
(24,837)
(205,238)
(240,595)
(30,276)
\u2013
(500,946)
Disposals
290
24,627
2,763
6,930
\u2013
34,610
At 31 December 2023
(246,713)
(1,991,095)
(2,185,700)
(263,132)
\u2013
(4,686,640)
Net book amount at 31 December 2023
189,171
1,141,350
1,055,006
189,916
285,473
2,860,916
3
4
5
1
5
1 Depreciation for the year includes US$498.5 million recognised as an expense in the income statement and US$2.5 million capitalised as part of construction in progress.
2 From the additions in \u2018other assets\u2019 category US$28.1 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 2023 is US$37.2 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$1.9 million correspond to a write-off of assets as disclosed in note 9.
Year ended 31 December 2022
US$ thousands
Mining properties
Land and Plant and and development Other Construction
buildings equipment costs assets
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
(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
(23,647)
(176,445)
(271,552)
(34,861)
\u2013
(506,505)
Disposals
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
3
4
2
5
1
5
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$11.3 million correspond to a write-off of assets as disclosed in note 9.
The table below details construction in progress by operating mine and development projects
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Fresnillo
73,761
186,666
Saucito
94,092
80,566
Juanicipio
29,028
67,228
Ci\u00e9nega
13,432
53,204
San Juli\u00e1n
56,938
34,203
Herradura
13,307
27,208
Noche Buena
\u2013
9,583
Other
4,914
2,832
285,472
461,490
1
1 Mainly corresponds to Minera Bermejal, S.A. de C.V. (2022: Minera Bermejal, S.A. de C.V.).
During the year ended 31 December 2023, the Group capitalised US$2.1 million of borrowing costs paid within construction in progress (2022: US$8.6 million). Borrowing costs were capitalised at the rate of 5.02% (2022: 5.02%). Sensitivity analysis As disclosed in note 2 (f) management performs at each reporting date an assessment to determine whether there are any indicators of impairment. As at 31 December 2023, the carrying amounts of mining assets is supported by their recoverable values. 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. The models are most sensitive to changes in commodity price assumptions, operating costs 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 2023: \u2022 A decrease of 10% in gold and silver prices would result in an impairment charge of US$228.7 million. \u2022 An increase of 10% in operating costs would result in an impairment charge of US$116.1 million. \u2022 A decrease of 5% in the forecasted volume of gold and silver produced would result in an impairment charge of US$92.2 million. 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. The agreement required an upfront payment of US$350 million by Fresnillo. In addition, a per ounce cash payment of US$2.00 in years one to five and US$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 2023 was US$5.65 per ounce (2022: US$5.54 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 to the Group 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 24 years considering ore reserves and certain mineral resources based on the expected conversion rate to reserves. 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 2023 total proceeds received in cash were US$40.2 million (2022: US$33.4 million) of which, US$8.3 million was in respect of proceeds receivable as at 31 December 2022 (2022: US$4.8 million in respect of proceeds receivable as at 31 December 2021). Cash received in respect of the year of US$31.8 million (2022: US$28.5 million) corresponds to 2.29 million ounces of payable silver (2022: 2.06 million ounces). As at 31 December 2023, a further US$5.1 million (2022: US$8.3 million) of cash receivable corresponding to 278,342 ounces of silver is due (2022: 453,158 ounces). A reconciliation of the beginning balance to the ending balance is shown below:
2023 2022
US$ thousands US$ thousands
Balance at 1 January
511,474
529,544
Cash received in respect of the year
(31,816)
(28,513)
Cash receivable
(5,050)
(8,342)
Remeasurement gains recognised in profit and loss
7,732
18,785
Balance at 31 December
482,340
511,474
Less \u2013 Current portion
35,802
36,218
Non-current portion
446,538
475,256
The US$7.7 million unrealised gain recorded in the income statement (31 December 2022: US$18.8 million loss) resulted mainly from the financial profit obtained from the contract amortisation, which was partially compensated with lower reserves considered in the production mine plan and a lower inflation rate expected. Significant assumptions used in the valuation of the Silverstream contract are as follows: \u2022 Forecasted volumes (millions of ounces/moz). - Silver to be produced and sold over the life of mine 82.8 moz (2022: 103.2 moz). - Average annual silver to be produced and sold 3.5 moz (2022: 4.0 moz). \u2022 Weighted average discount rate 9.79% (2022: 9.82%). \u2022 Future silver prices (US$ per ounce).
Year ended 31 December
Year 1
Year 2
Year 3
Year 4
Year 5
Long-term
2023
24.41
25.44
26.43
26.64
26.85
19.58
2022
24.45
25.53
26.22
27.12
27.33
18.81
The fair value of the Silverstream contract is determined using a valuation model including unobservable inputs (Level 3). This derivative has a term of 24 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 inflation and the discount rate used to discount future cash flows. In line with what a market participant would consider, the model includes the proportion of resources that are expected to be converted into reserves. Out of the 82.8 moz included in the model, 56% relates to reserves and 44% relates to resources (which were adjusted by a conversion factor of 50%). (2022: 55% and 45% respectively). For purposes of the fair value measurement, those resources are assumed to be mined once reserves are exhausted. This approach has been applied consistently in both 2023 and 2022. 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 reserves and resources over the life of mine. The sensitivity of these key inputs is as follows: Year ended 31 December
Commodity price
Discount rate
Volumes produced
Effect on profit Effect on profit Effect on profit
before tax: Basis point before tax: Increase/ before tax:
Increase/ increase/ increase/ increase/ (decrease) in increase/
(decrease) in (decrease) (decrease) (decrease) reserves and (decrease)
silver price US$ thousands in interest rate US$ thousands resources US$ thousands
2023
10%
63,222
\u2013
\u2013
10%
48,141
(10%)
(63,222)
(75)
27,473
(10%)
(48,141)
2022
20%
133,736
100
(41,860)
6%
30,600
(15%)
(100,302)
(25)
11,452
(6%)
(30,600)
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. 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": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "
7. Exploration expenses
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Contractors
122,973
111,981
Mining concession rights and contributions
28,777
25,570
Personnel expenses (note 8 (a))
13,315
10,779
Assays
8,950
6,269
Administrative services
2,057
2,086
Rentals
570
603
Other
5,805
8,502
182,447
165,790
These exploration expenses were mainly incurred in the operating mines located in Mexico: the Guanajuato, Orisyvo and Valles projects;
and the Tajitos prospect. Exploration expenses of US$14.1 million (2022: US$17.9 million) were incurred in the year on projects located in
Peru and Chile.
Cash flows relating to exploration activities are as follows:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Operating cash out flows related to exploration activities
182,359
166,068
28. Auditor\u2019s remuneration
Fees due by the Group to its auditor during the year ended 31 December 2023 and 2022 are as follows:
Class of services
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts
1,616
1,879
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
650
316
Audit-related assurance services
773
437
Total
3,039
2,632
1
1 Includes US$0.6 million (2022: US$0.4 million) for the limited review of the Half Yearly financial report, US$0.1 million (2022: US$nil) for the limited assurance services over certain
GHG\u2019s KPIs and US$0.1 (2022: US$0.1 million) for the Mexican tax audit opinions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-524": { "value": "7. Exploration expenses
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Contractors
122,973
111,981
Mining concession rights and contributions
28,777
25,570
Personnel expenses (note 8 (a))
13,315
10,779
Assays
8,950
6,269
Administrative services
2,057
2,086
Rentals
570
603
Other
5,805
8,502
182,447
165,790
These exploration expenses were mainly incurred in the operating mines located in Mexico: the Guanajuato, Orisyvo and Valles projects; and the Tajitos prospect. Exploration expenses of US$14.1 million (2022: US$17.9 million) were incurred in the year on projects located in Peru and Chile. Cash flows relating to exploration activities are as follows:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Operating cash out flows related to exploration activities
182,359
166,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "8. Personnel expenses
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Salaries and wages
109,470
87,534
Statutory healthcare and housing contributions
42,393
32,856
Other benefits
28,414
26,458
Bonuses
34,099
19,752
Employees\u2019 profit sharing
2,390
9,841
Post-employment benefits
12,799
8,792
Vacations and vacations bonus
6,541
5,448
Legal contributions
6,104
4,202
Training
2,532
3,749
Other
5,313
3,708
250,055
202,340
(a) Personnel expenses are reflected in the following line items:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Cost of sales (note 6)
215,952
175,508
Administrative expenses
20,788
16,053
Exploration expenses (note 7)
13,315
10,779
250,055
202,340
1 1 Includes amounts recognised as unabsorbed production cost amounting US$5.4 million (2022: US$nil). (b) The monthly average number of employees during the year was as follows:
Year ended 31 December
2023 2022
No. No.
Mining
3,497
3,967
Plant
1,091
1,074
Exploration
270
265
Maintenance
1,327
1,382
Administration and other
1,118
1,237
Total
7,303
7,925
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "
9. Other operating income and expenses
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Other income:
Reversal of accruals
25,793
\u2013
Recovery of personnel expenses
4,156
\u2013
Gain on sale of property, plant and equipment and other assets
882
\u2013
Layback Agreement (note 2 (c))
\u2013
67,182
Rentals
35
767
Other
4,458
3,911
35,324
71,860
1
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Other expenses:
Write-off of inventories (note 2 (c))
21,861
\u2013
Cost subject to insurance claims
8,349
4,246
Environmental activities
3,963
2,997
Maintenance
3,477
2,939
Change in mine closure cost provision
3,226
\u2013
Write-off of PPE assets
1,920
11,315
Donations
1,685
8,794
Consumption tax expensed
943
2,073
Other
5,745
6,391
51,169
38,755
2
3
4
5
1 The Group has reversed the accrued energy costs recognised since July 2020, following the favourable ruling in favour of its related parties Term\u00f3electrica Pe\u00f1oles, S.A. de C.V.
and E\u00f3lica de Coahuila, S.A. de C.V, filed against the Mexican government regarding an increase of energy supply costs required to be recharged to its customers.
2 Main activities were related with improvement in tailing dams in Fresnillo and Ci\u00e9nega (2022: 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)).
3 Costs relating to the rehabilitation of the facilities of Compa\u00f1\u00eda Minera las Torres, S.A. de C.V. (a closed mine).
4 Relates to changes in estimates after the completion of mining activities.
5 Mainly correspond to mobile equipment damaged (2022: Mobile equipment damaged and mining works collapsed).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-547": { "value": "9. Other operating income and expenses
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Other income:
Reversal of accruals
25,793
\u2013
Recovery of personnel expenses
4,156
\u2013
Gain on sale of property, plant and equipment and other assets
882
\u2013
Layback Agreement (note 2 (c))
\u2013
67,182
Rentals
35
767
Other
4,458
3,911
35,324
71,860
1
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Other expenses:
Write-off of inventories (note 2 (c))
21,861
\u2013
Cost subject to insurance claims
8,349
4,246
Environmental activities
3,963
2,997
Maintenance
3,477
2,939
Change in mine closure cost provision
3,226
\u2013
Write-off of PPE assets
1,920
11,315
Donations
1,685
8,794
Consumption tax expensed
943
2,073
Other
5,745
6,391
51,169
38,755
2 3 4 5 1 The Group has reversed the accrued energy costs recognised since July 2020, following the favourable ruling in favour of its related parties Term\u00f3electrica Pe\u00f1oles, S.A. de C.V. and E\u00f3lica de Coahuila, S.A. de C.V, filed against the Mexican government regarding an increase of energy supply costs required to be recharged to its customers. 2 Main activities were related with improvement in tailing dams in Fresnillo and Ci\u00e9nega (2022: 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)). 3 Costs relating to the rehabilitation of the facilities of Compa\u00f1\u00eda Minera las Torres, S.A. de C.V. (a closed mine). 4 Relates to changes in estimates after the completion of mining activities. 5 Mainly correspond to mobile equipment damaged (2022: Mobile equipment damaged and mining works collapsed).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-525": { "value": "9. Other operating income and expenses
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Other income:
Reversal of accruals
25,793
\u2013
Recovery of personnel expenses
4,156
\u2013
Gain on sale of property, plant and equipment and other assets
882
\u2013
Layback Agreement (note 2 (c))
\u2013
67,182
Rentals
35
767
Other
4,458
3,911
35,324
71,860
1
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Other expenses:
Write-off of inventories (note 2 (c))
21,861
\u2013
Cost subject to insurance claims
8,349
4,246
Environmental activities
3,963
2,997
Maintenance
3,477
2,939
Change in mine closure cost provision
3,226
\u2013
Write-off of PPE assets
1,920
11,315
Donations
1,685
8,794
Consumption tax expensed
943
2,073
Other
5,745
6,391
51,169
38,755
2 3 4 5 1 The Group has reversed the accrued energy costs recognised since July 2020, following the favourable ruling in favour of its related parties Term\u00f3electrica Pe\u00f1oles, S.A. de C.V. and E\u00f3lica de Coahuila, S.A. de C.V, filed against the Mexican government regarding an increase of energy supply costs required to be recharged to its customers. 2 Main activities were related with improvement in tailing dams in Fresnillo and Ci\u00e9nega (2022: 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)). 3 Costs relating to the rehabilitation of the facilities of Compa\u00f1\u00eda Minera las Torres, S.A. de C.V. (a closed mine). 4 Relates to changes in estimates after the completion of mining activities. 5 Mainly correspond to mobile equipment damaged (2022: Mobile equipment damaged and mining works collapsed).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "
10. Finance income and finance costs
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance income:
Interest on short-term deposits and investments
47,592
20,956
Interest on tax receivables
2,479
4,507
Other
552
997
50,623
26,460
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance costs:
Interest on interest-bearing loans and notes payables
60,741
51,395
Unwinding of discount on provisions (note 21)
22,578
15,243
Interest on tax amendment
\u2013
11,519
Interest on lease liabilities (note 25 (a))
1,220
720
Other
4,307
2,744
88,846
81,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "10. Finance income and finance costs
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance income:
Interest on short-term deposits and investments
47,592
20,956
Interest on tax receivables
2,479
4,507
Other
552
997
50,623
26,460
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance costs:
Interest on interest-bearing loans and notes payables
60,741
51,395
Unwinding of discount on provisions (note 21)
22,578
15,243
Interest on tax amendment
\u2013
11,519
Interest on lease liabilities (note 25 (a))
1,220
720
Other
4,307
2,744
88,846
81,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-548": { "value": "10. Finance income and finance costs
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance income:
Interest on short-term deposits and investments
47,592
20,956
Interest on tax receivables
2,479
4,507
Other
552
997
50,623
26,460
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance costs:
Interest on interest-bearing loans and notes payables
60,741
51,395
Unwinding of discount on provisions (note 21)
22,578
15,243
Interest on tax amendment
\u2013
11,519
Interest on lease liabilities (note 25 (a))
1,220
720
Other
4,307
2,744
88,846
81,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-526": { "value": "10. Finance income and finance costs
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance income:
Interest on short-term deposits and investments
47,592
20,956
Interest on tax receivables
2,479
4,507
Other
552
997
50,623
26,460
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance costs:
Interest on interest-bearing loans and notes payables
60,741
51,395
Unwinding of discount on provisions (note 21)
22,578
15,243
Interest on tax amendment
\u2013
11,519
Interest on lease liabilities (note 25 (a))
1,220
720
Other
4,307
2,744
88,846
81,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance income:
Interest on short-term deposits and investments
47,592
20,956
Interest on tax receivables
2,479
4,507
Other
552
997
50,623
26,460
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Finance costs:
Interest on interest-bearing loans and notes payables
60,741
51,395
Unwinding of discount on provisions (note 21)
22,578
15,243
Interest on tax amendment
\u2013
11,519
Interest on lease liabilities (note 25 (a))
1,220
720
Other
4,307
2,744
88,846
81,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "
11. Income tax expense
a) Major components of income tax expense:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Consolidated income statement:
Corporate income tax
Current:
Income tax charge
80,769
134,896
Amounts under/(over) provided in previous years
4,235
(1,710)
85,004
133,186
Deferred:
Origination and reversal of temporary differences
(292,371)
(206,196)
Revaluation effects of Silverstream contract
2,320
5,636
(290,051)
(200,560)
Corporate income tax
(205,047)
(67,374)
Special mining right
Current:
Special mining right charge (note 11 (e))
22,708
38,230
Amounts under provided in previous years
1,686
1,954
24,394
40,184
Deferred:
Origination and reversal of temporary differences
6,371
(32,530)
Special mining right
30,765
7,654
Income tax expense reported in the income statement
(174,282)
(59,720)
Year ended 31 December
2023 2022
US$ thousands 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
\u2013
(1,131)
Changes in fair value of cash flow hedges
(135)
(184)
Changes in the fair value of cost of hedges
\u2013
414
Changes in fair value of equity investments at FVOCI
15,941
1,714
Remeasurement losses on defined benefit plans
20
114
Income tax effect reported in other comprehensive income
15,826
927
During 2022, following conversations held by the Company with the Servicio de Admnistracion Tributario (SAT) regarding its income
tax audits for the years 2014, 2015 and 2016 at Desarrollos Mineros Fresne, the Group decided to voluntarily amend the income tax and
mining right\u2019s 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$11.5 million
of interest and surcharges presented in finance costs.
(b) Reconciliation of the income tax expense at the Group\u2019s statutory income rate to income tax expense at the Group\u2019s effective income tax rate:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Accounting profit before income tax
114,018
248,571
Tax at the Group\u2019s statutory corporate income tax rate 30.0%
34,205
74,571
Exchange rate effect on tax value of assets and liabilities
1
(214,521)
(72,888)
Inflationary uplift of the tax base of assets and liabilities
(54,763)
(62,666)
Incentive for Northern Border Zone
1,760
(17,491)
Deferred tax asset not recognised
11,688
7,893
Expenses not deductible for tax purposes
14,277
7,045
Inflationary uplift of tax losses
(5,361)
(7,843)
Current income tax underprovided in previous years
2,137
3,107
Non-taxable/non-deductible foreign exchange effects
16,689
1,167
Inflationary uplift on tax refunds
(744)
(1,352)
Special mining right deductible for corporate income tax
(9,230)
(2,296)
Other
(1,184)
3,379
Corporate income tax at the effective tax rate of (179.8%) (2022: (27.1%))
(205,047)
(67,374)
Special mining right
30,765
7,654
Tax at the effective income tax rate of (152.9%) (2022: (24.0%))
(174,282)
(59,720)
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 Northern 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
2023 2022
US$ thousands US$ thousands
Opening net assets/(liability)
232,568
(1,445)
Income statement credit arising on corporate income tax
290,051
200,560
Income statement credit arising on special mining right
(6,371)
32,530
Exchange difference
26
(4)
Net charge related to items directly charged to other comprehensive income
15,826
927
Closing net asset
532,100
232,568
The amounts of deferred income tax assets and liabilities as at 31 December 2023 and 2022, considering the nature of the related
temporary differences, are as follows:
Consolidated balance sheet
Consolidated income statement
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Related-party receivables
(181,236)
(158,797)
22,439
5,095
Other receivables
(6,233)
(3,974)
2,259
727
Inventories
152,378
115,383
(36,995)
(18,213)
Prepayments
(3,499)
(2,423)
1,076
(449)
Derivative financial instruments including Silverstream contract
(138,171)
(147,887)
(9,852)
(6,125)
Property, plant and equipment arising from corporate income tax
366,694
142,241
(224,453)
(192,396)
Exploration expenses and operating liabilities
107,711
91,265
(16,446)
19,724
Other payables and provisions
87,705
74,162
(13,543)
3,930
Losses carried forward
141,091
117,689
(23,402)
(27,250)
Post-employment benefits
2,100
1,504
(576)
(356)
Deductible profit sharing
852
3,095
2,243
1,842
Special mining right deductible for corporate income tax
7,445
10,738
3,293
12,954
Equity investments at FVOCI
1,368
(16,937)
(2,364)
(1,903)
Other
(17,416)
(11,172)
6,270
1,860
Net deferred tax asset related to corporate income tax
520,789
214,887
Deferred tax credit related to corporate income tax
(290,051)
(200,560)
Related-party receivables arising from special mining right
(44,963)
(39,541)
5,422
1,391
Inventories arising from special mining right
37,124
28,685
(8,439)
(7,353)
Property, plant and equipment arising from special mining right
(11,689)
7,887
19,576
(27,185)
Other
30,839
20,650
(10,188)
617
Net deferred tax liability related to special mining rights
11,311
17,681
Deferred tax credit
(283,680)
(233,090)
Reflected in the statement of financial position as follows:
Deferred tax assets
665,302
343,688
Deferred tax liabilities
(133,202)
(111,120)
Net deferred tax asset
532,100
232,568
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$141.1 million (2022: US$117.7 million) has been recognised in
respect of tax losses amounting to US$470.3 million (2022: US$391.6 million). If not utilised, US$7.1 million (2022: US$33.2 million)
will expire within five years and US$463.2 million (2022: US$358.4 million) will expire between six and ten years. Of the total deferred
tax asset related to losses, US$69.4 million (2022: US$34.4 million) is covered by the existence of taxable temporary differences, the
remaining US$71.7 million (2022: US$83.3 million) corresponds to Fresnillo plc which maintained a deferred net asset position. Despite
the accounting loss in the Parent Company in the current and prior periods, management has considered the taxable profit generated
in the current year of US$91.3 million and based on a consideration of this, combined with future financial and tax projections, considers
that there is evidence that sufficient taxable profits will be available against which these unused tax losses can be utilised.
The Group has also performed an assessment of the recoverability of tax losses from mining entities based on financial projections that
are consistent with the Group\u2019s impairment assessment (refer to note 13), together with relevant tax projections which consider the
amount and timing of certain tax deductions. Based on those assumptions, the Group expects to fully utilise its recognised losses.
The Group has further tax losses and other similar attributes carried forward of US$112.3 million (2022: US$91.9 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 expiry.
(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$1,015 million (2022: US$1,006 million).
(e) Corporate Income Tax (\u2018Impuesto Sobre la Renta\u2019 or \u2018ISR\u2019) and Special Mining Right (SMR) 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 special mining right \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. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "value": "11. Income tax expense a) Major components of income tax expense:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Consolidated income statement:
Corporate income tax
Current:
Income tax charge
80,769
134,896
Amounts under/(over) provided in previous years
4,235
(1,710)
85,004
133,186
Deferred:
Origination and reversal of temporary differences
(292,371)
(206,196)
Revaluation effects of Silverstream contract
2,320
5,636
(290,051)
(200,560)
Corporate income tax
(205,047)
(67,374)
Special mining right
Current:
Special mining right charge (note 11 (e))
22,708
38,230
Amounts under provided in previous years
1,686
1,954
24,394
40,184
Deferred:
Origination and reversal of temporary differences
6,371
(32,530)
Special mining right
30,765
7,654
Income tax expense reported in the income statement
(174,282)
(59,720)
Year ended 31 December
2023 2022
US$ thousands 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
\u2013
(1,131)
Changes in fair value of cash flow hedges
(135)
(184)
Changes in the fair value of cost of hedges
\u2013
414
Changes in fair value of equity investments at FVOCI
15,941
1,714
Remeasurement losses on defined benefit plans
20
114
Income tax effect reported in other comprehensive income
15,826
927
During 2022, following conversations held by the Company with the Servicio de Admnistracion Tributario (SAT) regarding its income tax audits for the years 2014, 2015 and 2016 at Desarrollos Mineros Fresne, the Group decided to voluntarily amend the income tax and mining right\u2019s 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$11.5 million of interest and surcharges presented in finance costs.
(b) Reconciliation of the income tax expense at the Group\u2019s statutory income rate to income tax expense at the Group\u2019s effective
income tax rate:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Accounting profit before income tax
114,018
248,571
Tax at the Group\u2019s statutory corporate income tax rate 30.0%
34,205
74,571
Exchange rate effect on tax value of assets and liabilities
1
(214,521)
(72,888)
Inflationary uplift of the tax base of assets and liabilities
(54,763)
(62,666)
Incentive for Northern Border Zone
1,760
(17,491)
Deferred tax asset not recognised
11,688
7,893
Expenses not deductible for tax purposes
14,277
7,045
Inflationary uplift of tax losses
(5,361)
(7,843)
Current income tax underprovided in previous years
2,137
3,107
Non-taxable/non-deductible foreign exchange effects
16,689
1,167
Inflationary uplift on tax refunds
(744)
(1,352)
Special mining right deductible for corporate income tax
(9,230)
(2,296)
Other
(1,184)
3,379
Corporate income tax at the effective tax rate of (179.8%) (2022: (27.1%))
(205,047)
(67,374)
Special mining right
30,765
7,654
Tax at the effective income tax rate of (152.9%) (2022: (24.0%))
(174,282)
(59,720)
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 Northern
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
2023 2022
US$ thousands US$ thousands
Opening net assets/(liability)
232,568
(1,445)
Income statement credit arising on corporate income tax
290,051
200,560
Income statement credit arising on special mining right
(6,371)
32,530
Exchange difference
26
(4)
Net charge related to items directly charged to other comprehensive income
15,826
927
Closing net asset
532,100
232,568
The amounts of deferred income tax assets and liabilities as at 31 December 2023 and 2022, considering the nature of the related temporary differences, are as follows:
Consolidated balance sheet
Consolidated income statement
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Related-party receivables
(181,236)
(158,797)
22,439
5,095
Other receivables
(6,233)
(3,974)
2,259
727
Inventories
152,378
115,383
(36,995)
(18,213)
Prepayments
(3,499)
(2,423)
1,076
(449)
Derivative financial instruments including Silverstream contract
(138,171)
(147,887)
(9,852)
(6,125)
Property, plant and equipment arising from corporate income tax
366,694
142,241
(224,453)
(192,396)
Exploration expenses and operating liabilities
107,711
91,265
(16,446)
19,724
Other payables and provisions
87,705
74,162
(13,543)
3,930
Losses carried forward
141,091
117,689
(23,402)
(27,250)
Post-employment benefits
2,100
1,504
(576)
(356)
Deductible profit sharing
852
3,095
2,243
1,842
Special mining right deductible for corporate income tax
7,445
10,738
3,293
12,954
Equity investments at FVOCI
1,368
(16,937)
(2,364)
(1,903)
Other
(17,416)
(11,172)
6,270
1,860
Net deferred tax asset related to corporate income tax
520,789
214,887
Deferred tax credit related to corporate income tax
(290,051)
(200,560)
Related-party receivables arising from special mining right
(44,963)
(39,541)
5,422
1,391
Inventories arising from special mining right
37,124
28,685
(8,439)
(7,353)
Property, plant and equipment arising from special mining right
(11,689)
7,887
19,576
(27,185)
Other
30,839
20,650
(10,188)
617
Net deferred tax liability related to special mining rights
11,311
17,681
Deferred tax credit
(283,680)
(233,090)
Reflected in the statement of financial position as follows:
Deferred tax assets
665,302
343,688
Deferred tax liabilities
(133,202)
(111,120)
Net deferred tax asset
532,100
232,568
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$141.1 million (2022: US$117.7 million) has been recognised in respect of tax losses amounting to US$470.3 million (2022: US$391.6 million). If not utilised, US$7.1 million (2022: US$33.2 million) will expire within five years and US$463.2 million (2022: US$358.4 million) will expire between six and ten years. Of the total deferred tax asset related to losses, US$69.4 million (2022: US$34.4 million) is covered by the existence of taxable temporary differences, the remaining US$71.7 million (2022: US$83.3 million) corresponds to Fresnillo plc which maintained a deferred net asset position. Despite the accounting loss in the Parent Company in the current and prior periods, management has considered the taxable profit generated in the current year of US$91.3 million and based on a consideration of this, combined with future financial and tax projections, considers that there is evidence that sufficient taxable profits will be available against which these unused tax losses can be utilised. The Group has also performed an assessment of the recoverability of tax losses from mining entities based on financial projections that are consistent with the Group\u2019s impairment assessment (refer to note 13), together with relevant tax projections which consider the amount and timing of certain tax deductions. Based on those assumptions, the Group expects to fully utilise its recognised losses. The Group has further tax losses and other similar attributes carried forward of US$112.3 million (2022: US$91.9 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 expiry. (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$1,015 million (2022: US$1,006 million).
(e) Corporate Income Tax (\u2018Impuesto Sobre la Renta\u2019 or \u2018ISR\u2019) and Special Mining Right (SMR)
The Group\u2019s principal operating subsidiaries are Mexican residents for taxation purposes. The rate of current corporate income tax
is 30%.
On 30 December 2018, the Decree of tax incentives for the northern border region of Mexico was published in the Official Gazette,
which provided a reduction of income tax by a third and also a reduction of 50% of the value added tax rate, for taxpayers that produce
income from business activities carried out within the northern border region. The tax incentives were applicable since 1 January 2019
and remained in force until 31 December 2020. On 30 December 2020 and extension of the Decree was published in the Official
Gazette which remains in force until 31 December 2024. Some of the Group companies which produce income from business activities
carried out within Caborca, Sonora, which is considered for purposes of the Decree as northern border region, applied for this Decree
tax incentives before the Mexican tax authorities, and were granted authorisation for income tax and value added tax purposes.
The special mining right \u2018SMR\u2019 states that the owners of mining titles and concessions are subject to pay an annual mining right of 7.5%
of the profit derived from the extractive activities and is considered as income tax under IFRS. The 7.5% tax applies to a base of income
before interest, annual inflation adjustment, taxes paid on the regular activity, depreciation and amortisation, as defined by the new ISR.
This SMR can be credited against the corporate income tax of the same fiscal year and its payment must be remitted no later than the
last business day of March of the following year.
16. Trade and other receivables
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Trade receivables from related parties (note 27)
306,668
275,844
Value Added Tax receivable
93,010
85,979
Other receivables from related parties (note 27 (a))
11,509
8,377
Other receivables from contractors
2,662
52
Other receivables
6,170
8,697
Other receivables arising from the Layback Agreement (note 2 (c))
\u2013
25,994
420,019
404,943
Expected credit loss of \u2018Other receivables\u2019
(353)
(444)
Trade and other receivables classified as current assets
419,666
404,499
Other receivables classified as non-current assets:
Other receivable from contractors
773
1,638
Value Added Tax receivable
42,755
36,820
Trade and other receivables classified as non-current assets
43,528
38,458
Total trade and other receivables
463,194
442,957
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$316.3 million (2022: US$311.7 million), and in Mexican pesos US$147.6 million (2022: US$131.2 million). Balances corresponding to Value Added Tax receivables and US$6.2 million within Other receivables (2022: US$8.7 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 2023 is US$0.4 million (2022: US$0.4 million). Trade receivables from related parties and other receivables from related parties (see note 14) are classified as financial assets at FVTPL and are therefore not considered in the expected credit loss analysis. In determining the recoverability of receivables, the Group performs a risk analysis considering the type and age of the outstanding receivable and the credit worthiness of the counterparty, see note 31 (b). 23. Trade and other payables
As at 31 December
2023 2022
US$ thousands US$ thousands
Trade payables
118,110
140,297
Other payables to related parties (note 27 (a))
56,434
35,969
Accrued expenses
54,749
60,321
Other taxes and contributions
28,812
22,280
258,105
258,867
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 taxes 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-527": { "value": "(c) Movements in deferred income tax liabilities and assets:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Opening net assets/(liability)
232,568
(1,445)
Income statement credit arising on corporate income tax
290,051
200,560
Income statement credit arising on special mining right
(6,371)
32,530
Exchange difference
26
(4)
Net charge related to items directly charged to other comprehensive income
15,826
927
Closing net asset
532,100
232,568
The amounts of deferred income tax assets and liabilities as at 31 December 2023 and 2022, considering the nature of the related temporary differences, are as follows:
Consolidated balance sheet
Consolidated income statement
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Related-party receivables
(181,236)
(158,797)
22,439
5,095
Other receivables
(6,233)
(3,974)
2,259
727
Inventories
152,378
115,383
(36,995)
(18,213)
Prepayments
(3,499)
(2,423)
1,076
(449)
Derivative financial instruments including Silverstream contract
(138,171)
(147,887)
(9,852)
(6,125)
Property, plant and equipment arising from corporate income tax
366,694
142,241
(224,453)
(192,396)
Exploration expenses and operating liabilities
107,711
91,265
(16,446)
19,724
Other payables and provisions
87,705
74,162
(13,543)
3,930
Losses carried forward
141,091
117,689
(23,402)
(27,250)
Post-employment benefits
2,100
1,504
(576)
(356)
Deductible profit sharing
852
3,095
2,243
1,842
Special mining right deductible for corporate income tax
7,445
10,738
3,293
12,954
Equity investments at FVOCI
1,368
(16,937)
(2,364)
(1,903)
Other
(17,416)
(11,172)
6,270
1,860
Net deferred tax asset related to corporate income tax
520,789
214,887
Deferred tax credit related to corporate income tax
(290,051)
(200,560)
Related-party receivables arising from special mining right
(44,963)
(39,541)
5,422
1,391
Inventories arising from special mining right
37,124
28,685
(8,439)
(7,353)
Property, plant and equipment arising from special mining right
(11,689)
7,887
19,576
(27,185)
Other
30,839
20,650
(10,188)
617
Net deferred tax liability related to special mining rights
11,311
17,681
Deferred tax credit
(283,680)
(233,090)
Reflected in the statement of financial position as follows:
Deferred tax assets
665,302
343,688
Deferred tax liabilities
(133,202)
(111,120)
Net deferred tax asset
532,100
232,568
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$141.1 million (2022: US$117.7 million) has been recognised in respect of tax losses amounting to US$470.3 million (2022: US$391.6 million). If not utilised, US$7.1 million (2022: US$33.2 million) will expire within five years and US$463.2 million (2022: US$358.4 million) will expire between six and ten years. Of the total deferred tax asset related to losses, US$69.4 million (2022: US$34.4 million) is covered by the existence of taxable temporary differences, the remaining US$71.7 million (2022: US$83.3 million) corresponds to Fresnillo plc which maintained a deferred net asset position. Despite the accounting loss in the Parent Company in the current and prior periods, management has considered the taxable profit generated in the current year of US$91.3 million and based on a consideration of this, combined with future financial and tax projections, considers that there is evidence that sufficient taxable profits will be available against which these unused tax losses can be utilised. The Group has also performed an assessment of the recoverability of tax losses from mining entities based on financial projections that are consistent with the Group\u2019s impairment assessment (refer to note 13), together with relevant tax projections which consider the amount and timing of certain tax deductions. Based on those assumptions, the Group expects to fully utilise its recognised losses. The Group has further tax losses and other similar attributes carried forward of US$112.3 million (2022: US$91.9 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 expiry. (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$1,015 million (2022: US$1,006 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "
12. Earnings per share
Earnings per share (EPS) is calculated by dividing profit for the year attributable to equity shareholders of the Company by the weighted
average number of Ordinary Shares in issue during the period.
The Company has no dilutive potential Ordinary Shares.
As of 31 December 2023 and 2022, earnings per share have been calculated as follows:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Earnings:
Profit attributable to equity holders of the Company
233,909
271,897
Adjusted profit attributable to equity holders of the Company
228,497
258,747
Adjusted profit is profit as disclosed in the Consolidated Income Statement adjusted to exclude revaluation effects of the Silverstream
contract of US$7.7 million gain (US$5.4 million net of tax) (2022: US$18.8 million gain (US$13.2 million net of tax)).
Adjusted earnings per share have been provided in order to provide a measure of the underlying performance of the Group, prior to the
revaluation effects of the Silverstream contract, a derivative financial instrument.
2023 2022
thousands thousands
Number of shares:
Weighted average number of Ordinary Shares in issue
736,894
736,894
2023 2022
US$ US$
Earnings per share:
Basic and diluted earnings per share
0.317
0.369
Adjusted basic and diluted earnings per Ordinary Share
0.310
0.351
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "13. Property, plant and equipment
Year ended 31 December 2023
US$ thousands
Mining
properties and
Land and Plant and development Other Construction
buildings equipment costs
assets
2
in progress
Total
Cost
At 1 January 2023
412,984
2,828,920
3,001,661
377,813
461,490
7,082,868
Additions
903
103,835
5,428
37,839
358,579
506,584
Disposals
(308)
(26,480)
(2,763)
(12,345)
\u2013
(41,896)
Transfers and other movements
22,305
226,170
236,380
49,741
(534,596)
\u2013
At 31 December 2023
435,884
3,132,445
3,240,706
453,048
285,473
7,547,556
Accumulated depreciation
At 1 January 2023
(222,166)
(1,810,484)
(1,947,868)
(239,786)
\u2013
(4,220,304)
Depreciation for the year
(24,837)
(205,238)
(240,595)
(30,276)
\u2013
(500,946)
Disposals
290
24,627
2,763
6,930
\u2013
34,610
At 31 December 2023
(246,713)
(1,991,095)
(2,185,700)
(263,132)
\u2013
(4,686,640)
Net book amount at 31 December 2023
189,171
1,141,350
1,055,006
189,916
285,473
2,860,916
3 4 5 1 5 1 Depreciation for the year includes US$498.5 million recognised as an expense in the income statement and US$2.5 million capitalised as part of construction in progress. 2 From the additions in \u2018other assets\u2019 category US$28.1 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 2023 is US$37.2 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$1.9 million correspond to a write-off of assets as disclosed in note 9.
Year ended 31 December 2022
US$ thousands
Mining properties
Land and Plant and and development Other Construction
buildings equipment costs assets
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
(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
(23,647)
(176,445)
(271,552)
(34,861)
\u2013
(506,505)
Disposals
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
3 4 2 5 1 5 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$11.3 million correspond to a write-off of assets as disclosed in note 9. The table below details construction in progress by operating mine and development projects
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Fresnillo
73,761
186,666
Saucito
94,092
80,566
Juanicipio
29,028
67,228
Ci\u00e9nega
13,432
53,204
San Juli\u00e1n
56,938
34,203
Herradura
13,307
27,208
Noche Buena
\u2013
9,583
Other
4,914
2,832
285,472
461,490
1 1 Mainly corresponds to Minera Bermejal, S.A. de C.V. (2022: Minera Bermejal, S.A. de C.V.).
During the year ended 31 December 2023, the Group capitalised US$2.1 million of borrowing costs paid within construction in progress
(2022: US$8.6 million). Borrowing costs were capitalised at the rate of 5.02% (2022: 5.02%).
Sensitivity analysis
As disclosed in note 2 (f) management performs at each reporting date an assessment to determine whether there are any indicators
of impairment. As at 31 December 2023, the carrying amounts of mining assets is supported by their recoverable values.
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.
The models are most sensitive to changes in commodity price assumptions, operating costs 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 2023:
\u2022 A decrease of 10% in gold and silver prices would result in an impairment charge of US$228.7 million.
\u2022 An increase of 10% in operating costs would result in an impairment charge of US$116.1 million.
\u2022 A decrease of 5% in the forecasted volume of gold and silver produced would result in an impairment charge of US$92.2 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "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. The agreement required an upfront payment of US$350 million by Fresnillo. In addition, a per ounce cash payment of US$2.00 in years one to five and US$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 2023 was US$5.65 per ounce (2022: US$5.54 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 to the Group 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 24 years considering ore reserves and certain mineral resources based on the expected conversion rate to reserves. 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 2023 total proceeds received in cash were US$40.2 million (2022: US$33.4 million) of which, US$8.3 million was in respect of proceeds receivable as at 31 December 2022 (2022: US$4.8 million in respect of proceeds receivable as at 31 December 2021). Cash received in respect of the year of US$31.8 million (2022: US$28.5 million) corresponds to 2.29 million ounces of payable silver (2022: 2.06 million ounces). As at 31 December 2023, a further US$5.1 million (2022: US$8.3 million) of cash receivable corresponding to 278,342 ounces of silver is due (2022: 453,158 ounces). A reconciliation of the beginning balance to the ending balance is shown below: 2023 2022 US$ thousands US$ thousands Balance at 1 January 511,474 529,544 Cash received in respect of the year (31,816) (28,513) Cash receivable (5,050) (8,342) Remeasurement gains recognised in profit and loss 7,732 18,785 Balance at 31 December 482,340 511,474 Less \u2013 Current portion 35,802 36,218 Non-current portion 446,538 475,256 The US$7.7 million unrealised gain recorded in the income statement (31 December 2022: US$18.8 million loss) resulted mainly from the financial profit obtained from the contract amortisation, which was partially compensated with lower reserves considered in the production mine plan and a lower inflation rate expected. Significant assumptions used in the valuation of the Silverstream contract are as follows: \u2022 Forecasted volumes (millions of ounces/moz). - Silver to be produced and sold over the life of mine 82.8 moz (2022: 103.2 moz). - Average annual silver to be produced and sold 3.5 moz (2022: 4.0 moz). \u2022 Weighted average discount rate 9.79% (2022: 9.82%). \u2022 Future silver prices (US$ per ounce). Year ended 31 December Year 1 Year 2 Year 3 Year 4 Year 5 Long-term 2023 24.41 25.44 26.43 26.64 26.85 19.58 2022 24.45 25.53 26.22 27.12 27.33 18.81 The fair value of the Silverstream contract is determined using a valuation model including unobservable inputs (Level 3). This derivative has a term of 24 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 inflation and the discount rate used to discount future cash flows. In line with what a market participant would consider, the model includes the proportion of resources that are expected to be converted into reserves. Out of the 82.8 moz included in the model, 56% relates to reserves and 44% relates to resources (which were adjusted by a conversion factor of 50%). (2022: 55% and 45% respectively). For purposes of the fair value measurement, those resources are assumed to be mined once reserves are exhausted. This approach has been applied consistently in both 2023 and 2022. 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 reserves and resources over the life of mine. The sensitivity of these key inputs is as follows: Year ended 31 December Commodity price Discount rate Volumes produced Effect on profit Effect on profit Effect on profit before tax: Basis point before tax: Increase/ before tax: Increase/ increase/ increase/ increase/ (decrease) in increase/ (decrease) in (decrease) (decrease) (decrease) reserves and (decrease) silver price US$ thousands in interest rate US$ thousands resources US$ thousands 2023 10% 63,222 \u2013 \u2013 10% 48,141 (10%) (63,222) (75) 27,473 (10%) (48,141) 2022 20% 133,736 100 (41,860) 6% 30,600 (15%) (100,302) (25) 11,452 (6%) (30,600) 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "
15. Inventories
As at 31 December
2023 2022
US$ thousands US$ thousands
Finished goods
34,212
27,257
Work-in-progress
314,802
375,603
Ore stockpile
4,779
26,020
Operating materials and spare parts
185,624
163,947
539,417
592,827
Allowance for obsolete and slow-moving inventories
(6,684)
(5,463)
Balance as 31 December
532,733
587,364
Less \u2013 Current portion
462,973
495,744
Non-current portion
69,760
91,620
1
2
3
4
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$292.7 million (2022: US$307.6 million) and in stockpiles US$22.1 million
(2022: US$58.8 million) that will be processed in dynamic leaching plants (note 2 (c)).
3 As at 31 December 2022 ore stockpile included ore mineral obtained during the development phase at Juanicipio which has been processed during 2023.
4 Non-current inventories relate to ore in leaching pads where the leaching process has stopped and is not expected to restart within 12 months. As at 31 December 2023
and 2022 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$2,201.8 million (2022: US$1,906.8 million). During 2023 and
2022, 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$1.2 million (2022: US$2.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "
16. Trade and other receivables
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Trade receivables from related parties (note 27)
306,668
275,844
Value Added Tax receivable
93,010
85,979
Other receivables from related parties (note 27 (a))
11,509
8,377
Other receivables from contractors
2,662
52
Other receivables
6,170
8,697
Other receivables arising from the Layback Agreement (note 2 (c))
\u2013
25,994
420,019
404,943
Expected credit loss of \u2018Other receivables\u2019
(353)
(444)
Trade and other receivables classified as current assets
419,666
404,499
Other receivables classified as non-current assets:
Other receivable from contractors
773
1,638
Value Added Tax receivable
42,755
36,820
Trade and other receivables classified as non-current assets
43,528
38,458
Total trade and other receivables
463,194
442,957
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$316.3 million (2022: US$311.7 million), and in Mexican pesos US$147.6 million
(2022: US$131.2 million).
Balances corresponding to Value Added Tax receivables and US$6.2 million within Other receivables (2022: US$8.7 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 2023 is US$0.4 million
(2022: US$0.4 million). Trade receivables from related parties and other receivables from related parties (see note 14) are classified as
financial assets at FVTPL and are therefore not considered in the expected credit loss analysis. In determining the recoverability of
receivables, the Group performs a risk analysis considering the type and age of the outstanding receivable and the credit worthiness
of the counterparty, see note 31 (b).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "value": "16. Trade and other receivables
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Trade receivables from related parties (note 27)
306,668
275,844
Value Added Tax receivable
93,010
85,979
Other receivables from related parties (note 27 (a))
11,509
8,377
Other receivables from contractors
2,662
52
Other receivables
6,170
8,697
Other receivables arising from the Layback Agreement (note 2 (c))
\u2013
25,994
420,019
404,943
Expected credit loss of \u2018Other receivables\u2019
(353)
(444)
Trade and other receivables classified as current assets
419,666
404,499
Other receivables classified as non-current assets:
Other receivable from contractors
773
1,638
Value Added Tax receivable
42,755
36,820
Trade and other receivables classified as non-current assets
43,528
38,458
Total trade and other receivables
463,194
442,957
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$316.3 million (2022: US$311.7 million), and in Mexican pesos US$147.6 million (2022: US$131.2 million). Balances corresponding to Value Added Tax receivables and US$6.2 million within Other receivables (2022: US$8.7 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 2023 is US$0.4 million (2022: US$0.4 million). Trade receivables from related parties and other receivables from related parties (see note 14) are classified as financial assets at FVTPL and are therefore not considered in the expected credit loss analysis. In determining the recoverability of receivables, the Group performs a risk analysis considering the type and age of the outstanding receivable and the credit worthiness of the counterparty, see note 31 (b). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "16. Trade and other receivables
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Trade receivables from related parties (note 27)
306,668
275,844
Value Added Tax receivable
93,010
85,979
Other receivables from related parties (note 27 (a))
11,509
8,377
Other receivables from contractors
2,662
52
Other receivables
6,170
8,697
Other receivables arising from the Layback Agreement (note 2 (c))
\u2013
25,994
420,019
404,943
Expected credit loss of \u2018Other receivables\u2019
(353)
(444)
Trade and other receivables classified as current assets
419,666
404,499
Other receivables classified as non-current assets:
Other receivable from contractors
773
1,638
Value Added Tax receivable
42,755
36,820
Trade and other receivables classified as non-current assets
43,528
38,458
Total trade and other receivables
463,194
442,957
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$316.3 million (2022: US$311.7 million), and in Mexican pesos US$147.6 million (2022: US$131.2 million). Balances corresponding to Value Added Tax receivables and US$6.2 million within Other receivables (2022: US$8.7 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 2023 is US$0.4 million (2022: US$0.4 million). Trade receivables from related parties and other receivables from related parties (see note 14) are classified as financial assets at FVTPL and are therefore not considered in the expected credit loss analysis. In determining the recoverability of receivables, the Group performs a risk analysis considering the type and age of the outstanding receivable and the credit worthiness of the counterparty, see note 31 (b). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-549": { "value": "16. Trade and other receivables
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Trade receivables from related parties (note 27)
306,668
275,844
Value Added Tax receivable
93,010
85,979
Other receivables from related parties (note 27 (a))
11,509
8,377
Other receivables from contractors
2,662
52
Other receivables
6,170
8,697
Other receivables arising from the Layback Agreement (note 2 (c))
\u2013
25,994
420,019
404,943
Expected credit loss of \u2018Other receivables\u2019
(353)
(444)
Trade and other receivables classified as current assets
419,666
404,499
Other receivables classified as non-current assets:
Other receivable from contractors
773
1,638
Value Added Tax receivable
42,755
36,820
Trade and other receivables classified as non-current assets
43,528
38,458
Total trade and other receivables
463,194
442,957
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$316.3 million (2022: US$311.7 million), and in Mexican pesos US$147.6 million (2022: US$131.2 million). Balances corresponding to Value Added Tax receivables and US$6.2 million within Other receivables (2022: US$8.7 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 2023 is US$0.4 million (2022: US$0.4 million). Trade receivables from related parties and other receivables from related parties (see note 14) are classified as financial assets at FVTPL and are therefore not considered in the expected credit loss analysis. In determining the recoverability of receivables, the Group performs a risk analysis considering the type and age of the outstanding receivable and the credit worthiness of the counterparty, see note 31 (b). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-528": { "value": "16. Trade and other receivables
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Trade receivables from related parties (note 27)
306,668
275,844
Value Added Tax receivable
93,010
85,979
Other receivables from related parties (note 27 (a))
11,509
8,377
Other receivables from contractors
2,662
52
Other receivables
6,170
8,697
Other receivables arising from the Layback Agreement (note 2 (c))
\u2013
25,994
420,019
404,943
Expected credit loss of \u2018Other receivables\u2019
(353)
(444)
Trade and other receivables classified as current assets
419,666
404,499
Other receivables classified as non-current assets:
Other receivable from contractors
773
1,638
Value Added Tax receivable
42,755
36,820
Trade and other receivables classified as non-current assets
43,528
38,458
Total trade and other receivables
463,194
442,957
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$316.3 million (2022: US$311.7 million), and in Mexican pesos US$147.6 million (2022: US$131.2 million). Balances corresponding to Value Added Tax receivables and US$6.2 million within Other receivables (2022: US$8.7 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 2023 is US$0.4 million (2022: US$0.4 million). Trade receivables from related parties and other receivables from related parties (see note 14) are classified as financial assets at FVTPL and are therefore not considered in the expected credit loss analysis. In determining the recoverability of receivables, the Group performs a risk analysis considering the type and age of the outstanding receivable and the credit worthiness of the counterparty, see note 31 (b). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "
17. Cash and cash equivalents
The Group considers cash and cash equivalents when planning its operations and in order to achieve its treasury objectives.
As at 31 December
2023 2022
US$ thousands US$ thousands
Cash at bank and on hand
3,556
2,516
Short-term deposits
531,024
966,544
Cash and cash equivalents
534,580
969,060
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-529": { "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
2023 2022
US$ thousands US$ thousands
Cash at bank and on hand
3,556
2,516
Short-term deposits
531,024
966,544
Cash and cash equivalents
534,580
969,060
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:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-530": { "value": "
18. Equity
Share capital and share premium
Authorised share capital of the Company is as follows:
Class of share
As at 31 December
2023
2022
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 2022
736,893,589
$368,545,586
50,000
\u00a350,000
At 31 December 2022
736,893,589
$368,545,586
50,000
\u00a350,000
At 31 December 2023
736,893,589
$368,545,586
50,000
\u00a350,000
As at 31 December 2023 and 2022, 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:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "18. Equity Share capital and share premium Authorised share capital of the Company is as follows: Class of share
As at 31 December
2023
2022
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 2022
736,893,589
$368,545,586
50,000
\u00a350,000
At 31 December 2022
736,893,589
$368,545,586
50,000
\u00a350,000
At 31 December 2023
736,893,589
$368,545,586
50,000
\u00a350,000
As at 31 December 2023 and 2022, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "value": "Share capital and share premium Authorised share capital of the Company is as follows: Class of share
As at 31 December
2023
2022
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 2022
736,893,589
$368,545,586
50,000
\u00a350,000
At 31 December 2022
736,893,589
$368,545,586
50,000
\u00a350,000
At 31 December 2023
736,893,589
$368,545,586
50,000
\u00a350,000
As at 31 December 2023 and 2022, all issued shares with a par value of US$0.50 each are fully paid. The rights and obligations attached to these shares are governed by law and the Company\u2019s Articles of Association. Ordinary shareholders are entitled to receive notice and to attend and speak at any general meeting of the Company. There are no restrictions on the transfer of the Ordinary Shares. The Sterling Deferred Ordinary Shares only entitle the shareholder on winding up or on a return of capital to payment of the amount paid up after repayment to ordinary shareholders. The Sterling Deferred Ordinary Shares do not entitle the holder to payment of any dividend, or to receive notice or to attend and speak at any general meeting of the Company. The Company may also at its option redeem the Sterling Deferred Ordinary Shares at a price of \u00a31.00 or, as custodian, purchase or cancel the Sterling Deferred Ordinary Shares or require the holder to transfer the Sterling Deferred Ordinary Shares. Except at the option of the Company, the Sterling Deferred Ordinary Shares are not transferable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "
19. Dividends declared and paid
The dividends declared and paid during the years ended 31 December 2023 and 2022 are as follows:
US cents per Amount
Ordinary Share US$ thousands
Year ended 31 December 2023
Final dividend for 2022 declared and paid during the year
1
13.3
98,007
Interim dividend for 2023 declared and paid during the year
1.4
10,317
14.7
108,324
Year ended 31 December 2022
Final dividend for 2021 declared and paid during the year
3
24.00
176,855
Interim dividend for 2022 declared and paid during the year
3.40
25,054
27.4
201,909
2
4
1 This dividend was approved by the shareholders on 23 May 2023 and paid on 26 May 2023.
2 This dividend was approved by the Board of Directors on 31 July 2023 and paid 14 September 2023.
3 This dividend was approved by the shareholders on 17 May 2022 and paid on 27 May 2022.
4 This dividend was approved by the Board of Directors on 1 August 2022 and paid 14 September 2022.
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
2023 2022
US$ thousands US$ thousands
Dividends declared
108,324
201,909
Foreign exchange effect
(1)
\u2013
Dividends recognised in retained earnings
108,323
201,909
Foreign exchange and hedging effect
28
41
Dividends paid
108,351
201,950
The Directors have proposed a final dividend of US$4.2 cents per share, which is subject to approval at the Annual General Meeting and
is not recognised as a liability as at 31 December 2023. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "13.3", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-9": { "value": "1.4", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-10": { "value": "10317000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-13": { "value": "24", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-12": { "value": "3.4", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-11": { "value": "25054000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-497": { "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
in the Irish Stock Exchange. The proceeds were partially used to finance the repurchase mentioned above.
On 13 November 2023, the Company paid the outstanding amount of the 5.500% Notes at its maturity date including due interest for
a total of US$326.6 million.
Movements in the year in the debt recognised in the balance sheet are as follows:
As at 31 December
2023 2022
US$ thousands US$ thousands
Opening balance
1,158,557
1,157,545
Payments of 5.500% Notes
(317,879)
\u2013
Accrued interest
53,919
56,475
Interest paid
(56,371)
(56,371)
Amortisation of discount and transaction costs
776
908
Closing balance
839,002
1,158,557
Less \u2013 Current portion
\u2013
317,879
Non-current portion
839,002
840,678
1
1 Interest was payable semi-annually on 13 May and 13 November for 5.500% Senior Notes and is payable semi-annually on 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.
30. Financial instruments
(a) Fair value category
As at 31 December 2023
US$ thousands
Fair value Fair value
Amortised Fair value (hedging through profit
Financial assets: cost through OCI instruments) or loss
Trade and other receivables
9,894
\u2013
\u2013
311,718
Equity instruments at FVOCI
\u2013
107,991
\u2013
\u2013
Silverstream contract (note 14)
\u2013
\u2013
\u2013
482,340
Derivative financial instruments
\u2013
\u2013
79
\u2013
1
Financial liabilities:
Fair value Fair value
Amortised (hedging through profit
cost instruments) or loss
Interest-bearing loans (note 20)
839,002
\u2013
\u2013
Notes payable
95,360
\u2013
\u2013
Trade and other payables (note 23)
174,544
\u2013
\u2013
2
As at 31 December 2022
US$ thousands
Fair value Fair value
Amortised Fair value (hedging through profit
Financial assets: cost through OCI instruments) or loss
Trade and other receivables
27,719
\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
1
Financial liabilities:
Fair value Fair value
Amortised (hedging through profit
cost instruments) or loss
Interest-bearing loans (note 20)
1,158,557
\u2013
\u2013
Notes payable
104,962
\u2013
\u2013
Trade and other payables (note 23)
176,266
\u2013
\u2013
Derivative financial instruments
\u2013
487
\u2013
2
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 6.72% to 7.36% with a maturity of nine to 18 months US$72.6 million short-term and US$22.7 million
long-term (2022: nine to 18 months US$9.1 million short-term and US$95.8 million long-term,). During the year, proceeds and payments from these notes amounted to US$22.7
million and US$33.0 million respectively (2022: US$8.1 million and US$10.0 million). Interest paid amount US$7.6 million (2022: US$4.2 million).
(b) Fair value measurement
The value of financial assets and liabilities other than those measured at fair value are as follows:
As at 31 December
Carrying amount
Fair value
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade and other receivables
9,894
27,719
9,894
27,719
Financial liabilities:
Interest-bearing loans
1
(note 20)
839,002
1,158,557
645,745
990,588
Trade and other payables
174,544
176,266
174,544
176,266
Notes payable
95,360
104,962
95,324
104,962
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 2023
Fair value measure using
Quoted prices in Significant Significant
active markets observable unobservable
Level 1 Level 2 Level 3 Total
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade receivables
\u2013
\u2013
306,668
306,668
Other receivables from related parties
\u2013
\u2013
5,050
5,050
Derivative financial instruments:
Option and forward foreign exchange contracts
\u2013
79
\u2013
79
Silverstream contract
\u2013
\u2013
482,340
482,340
Other financial assets:
Equity instruments at FVOCI
107,991
\u2013
\u2013
107,991
107,991
79
794,058
902,128
1
1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14.
As of 31 December 2022
Fair value measure using
Quoted prices in Significant Significant
active markets observable unobservable
Level 1 Level 2 Level 3 Total
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade receivables
\u2013
\u2013
275,844
275,844
Other receivables from related parties
\u2013
\u2013
8,342
8,342
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
1
1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14.
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:
2023 2022
US$ thousands US$ thousands
Balance at 1 January:
275,844
265,473
Sales
2,706,292
2,440,063
Cash collection
(2,674,262)
(2,426,390)
Changes in fair value
27,034
(20,178)
Realised embedded derivatives during the year
(28,240)
16,876
Balance at 31 December
306,668
275,844
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 2023, approximately 89.8% of the investments correspond to 9,314,877 shares (2022: 9,314,877 shares) of Mag Silver, Corp. for an amount of US$96.9 million (2022: US$145.5 million) and 5.1% of Endeavor Silver Corp. represented by 2,800,000 (2022: 2,800,000 shares) shares for an amount of US$5.5 million (2022: US$9.1 million). These equity investments are listed on the Toronto Stock Exchange. The prices per share as 31 December 2023 were US$10.41 (2022: US$15.62) and US$1.96 (2022: US$3.24), respectively. During the year the Group purchased 1,000,000 shares of Osisko Mining Inc., a Canadian exploration company, for a total consideration of US$2.3 million. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-531": { "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 in the Irish Stock Exchange. The proceeds were partially used to finance the repurchase mentioned above. On 13 November 2023, the Company paid the outstanding amount of the 5.500% Notes at its maturity date including due interest for a total of US$326.6 million. Movements in the year in the debt recognised in the balance sheet are as follows:
As at 31 December
2023 2022
US$ thousands US$ thousands
Opening balance
1,158,557
1,157,545
Payments of 5.500% Notes
(317,879)
\u2013
Accrued interest
53,919
56,475
Interest paid
(56,371)
(56,371)
Amortisation of discount and transaction costs
776
908
Closing balance
839,002
1,158,557
Less \u2013 Current portion
\u2013
317,879
Non-current portion
839,002
840,678
1 1 Interest was payable semi-annually on 13 May and 13 November for 5.500% Senior Notes and is payable semi-annually on 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-532": { "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
2023, the discount rates used in the calculation of the parts of the provision that relate to Mexican pesos range from 9.87% to
11.19% (2022: range from 10.08% to 10.62%). The range for the current year parts that relate to US dollars range from 3.70% to 4.68%
(2022: range from 3.08% to 4.44%).
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 estimation of reserves and resources, which ranges from two to 21 years from 31 December 2023 after the ending of mine operation at Noche Buena mine (one to 22 years from 31 December 2022). As at 31 December 2023 the weighted average term of the provision is ten years (2022: 12 years).
As at 31 December
2023 2022
US$ thousands US$ thousands
Opening balance
247,207
260,307
(Decrease)/Increase to existing provision
(2,111)
23,757
Effect of changes in discount rate
1,436
(63,061)
Unwinding of discount rate
22,578
15,243
Payments
(4,376)
(1,085)
Foreign exchange
27,582
12,046
Closing balance
292,316
247,207
Less \u2013 Current portion
11,849
4,827
Non-current portion
280,467
242,380
The provision is sensitive to a reasonably possible change in discount rates, exchange rate US dollar compared to Mexican peso, and change in future costs. The sensitivity of these key inputs is as follows: Year ended 31 December
Discount rate
Foreign currency
Estimated costs
Effect on Effect on Effect on
Basis point provision: provision: Increase/ provision:
increase/ increase/ Strengthening/ increase/ (decrease) increase/
(decrease) (decrease) (weakening) (decrease) in estimated (decrease)
in interest rate US$ thousands of US dollar US$ thousands costs US$ thousands
2023
50
11,710
10%
(21,990)
5%
14,616
(50)
(24,205)
(5%)
12,731
(5%)
(14,616)
2022
50
12,030
5%
(8,679)
5%
12,360
(50)
(13,110)
(5%)
9,593
(5%)
(12,360)
Change on the provision would be principally offset by a change to the value of the associated asset unless the asset is fully depreciated, in which case the change in estimate is recognised directly within the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "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 2023, the discount rates used in the calculation of the parts of the provision that relate to Mexican pesos range from 9.87% to 11.19% (2022: range from 10.08% to 10.62%). The range for the current year parts that relate to US dollars range from 3.70% to 4.68% (2022: range from 3.08% to 4.44%). 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 estimation of reserves and
resources, which ranges from two to 21 years from 31 December 2023 after the ending of mine operation at Noche Buena mine (one to
22 years from 31 December 2022). As at 31 December 2023 the weighted average term of the provision is ten years (2022: 12 years).
As at 31 December
2023 2022
US$ thousands US$ thousands
Opening balance
247,207
260,307
(Decrease)/Increase to existing provision
(2,111)
23,757
Effect of changes in discount rate
1,436
(63,061)
Unwinding of discount rate
22,578
15,243
Payments
(4,376)
(1,085)
Foreign exchange
27,582
12,046
Closing balance
292,316
247,207
Less \u2013 Current portion
11,849
4,827
Non-current portion
280,467
242,380
The provision is sensitive to a reasonably possible change in discount rates, exchange rate US dollar compared to Mexican peso, and
change in future costs. The sensitivity of these key inputs is as follows:
Year ended 31 December
Discount rate
Foreign currency
Estimated costs
Effect on Effect on Effect on
Basis point provision: provision: Increase/ provision:
increase/ increase/ Strengthening/ increase/ (decrease) increase/
(decrease) (decrease) (weakening) (decrease) in estimated (decrease)
in interest rate US$ thousands of US dollar US$ thousands costs US$ thousands
2023
50
11,710
10%
(21,990)
5%
14,616
(50)
(24,205)
(5%)
12,731
(5%)
(14,616)
2022
50
12,030
5%
(8,679)
5%
12,360
(50)
(13,110)
(5%)
9,593
(5%)
(12,360)
Change on the provision would be principally offset by a change to the value of the associated asset unless the asset is fully depreciated,
in which case the change in estimate is recognised directly within the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "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:
Pension cost charge to income statement
Remeasurement gains/(losses) in OCI
Return
on plan
assets Actuarial Defined
(excluding changes benefit
amounts arising from decrease
Balance at Sub-total included changes in Sub-total due to Balance at
1 January Service Net Foreign recognised Benefits in net financial included Contributions personnel 31 December
2023 cost interest exchange in the year paid interest) assumptions in OCI by employer transfer 2023
US$ thousands
Defined
benefit
obligation
(26,014)
(1,797)
(2,559)
(3,952)
(8,308)
2,133
(457)
(457)
(25)
(32,671)
Fair value of
plan assets
16,552
1,871
2,527
4,398
(2,133)
331
331
332
(20)
19,460
Net benefit
liability
(9,462)
(1,797)
(688)
(1,425)
(3,910)
\u2013
331
(457)
(126)
332
(45)
(13,211)
1
Pension cost charge to income statement
Remeasurement gains/(losses) in OCI
Return on
plan assets Actuarial Defined
(excluding changes benefit
amounts arising from decrease
Balance at Sub-total included changes in Sub-total due to Balance at
1 January Service Net Foreign recognised Benefits in net financial included Contributions personnel 31 December
2022 cost interest exchange in the year paid interest) assumptions in OCI by employer transfer 2022
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)
\u2013
9
(9,462)
1 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$13.9 million (2022: US$10.7 million) relates to statutory seniority premiums for unionised workers which are not funded. The expected contributions to the plan for the next annual reporting period are US$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
2023 2022
% %
Discount rate
10.08
10.23
Future salary increases (National Consumer Price Index)
5.25
5.25
The life expectancy of current and future pensioners, men and women aged 65 and older will live on average for a further 23.2 and 26.0 years respectively (2022: 23.9 years for men and 26.7 for women). The weighted average duration of the defined benefit obligation is 8.7 years (2022: 10.8 years). The fair values of the plan assets were as follows:
As at 31 December
2023 2022
US$ thousands US$ thousands
State-owned companies
337
\u2013
Mutual funds (fixed rates)
19,123
16,552
19,460
16,552
As at 31 December 2023 and 2022, 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.
A quantitative sensitivity analysis for significant assumptions as at 31 December 2023 is as shown below:
Future salary increases Life expectancy
Assumptions Discount rate (NCPI) of pensioners
0.5% 0.5% 0.5% 0.5% + 1
Sensitivity Level increase decrease increase decrease increase
Year ended 31 December 2023
(Decrease)/Increase to the net defined benefit obligation
(US$ thousands)
(1,152)
1,243
215
(226)
289
Year ended 31 December 2022
(Decrease)/Increase to the net defined benefit obligation
(US$ thousands)
(967)
1,044
176
(174)
145
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "
23. Trade and other payables
As at 31 December
2023 2022
US$ thousands US$ thousands
Trade payables
118,110
140,297
Other payables to related parties (note 27 (a))
56,434
35,969
Accrued expenses
54,749
60,321
Other taxes and contributions
28,812
22,280
258,105
258,867
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 taxes 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:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "23. Trade and other payables
As at 31 December
2023 2022
US$ thousands US$ thousands
Trade payables
118,110
140,297
Other payables to related parties (note 27 (a))
56,434
35,969
Accrued expenses
54,749
60,321
Other taxes and contributions
28,812
22,280
258,105
258,867
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 taxes 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:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "value": "23. Trade and other payables
As at 31 December
2023 2022
US$ thousands US$ thousands
Trade payables
118,110
140,297
Other payables to related parties (note 27 (a))
56,434
35,969
Accrued expenses
54,749
60,321
Other taxes and contributions
28,812
22,280
258,105
258,867
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 taxes 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:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "value": "23. Trade and other payables
As at 31 December
2023 2022
US$ thousands US$ thousands
Trade payables
118,110
140,297
Other payables to related parties (note 27 (a))
56,434
35,969
Accrued expenses
54,749
60,321
Other taxes and contributions
28,812
22,280
258,105
258,867
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 taxes 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:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-533": { "value": "23. Trade and other payables
As at 31 December
2023 2022
US$ thousands US$ thousands
Trade payables
118,110
140,297
Other payables to related parties (note 27 (a))
56,434
35,969
Accrued expenses
54,749
60,321
Other taxes and contributions
28,812
22,280
258,105
258,867
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 taxes 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "value": "
24. Commitments
A summary of capital expenditure commitments by operating mines and development project is as follows:
As at 31 December
2023 2022
US$ thousands US$ thousands
Saucito
30,761
33,980
Fresnillo
26,503
48,629
San Juli\u00e1n
14,655
9,745
Juanicipio
12,246
47,809
Herradura
6,610
11,024
Ci\u00e9nega
2,984
10,753
Noche Buena
206
227
Other
4,040
414
98,005
162,581
1
1 Mainly corresponds to Minera el Bermejal, S. de R.L. de C.V.
26. Contingencies As of 31 December 2023, 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. It is not practical to determine the amount of any potential claims or the likelihood of any unfavourable outcome arising from this or any future inspections that may be initiated. However, management believes that its interpretation of the relevant legislation is appropriate and that the Group has complied with all regulations and paid or accrued all taxes and withholdings that are applicable. \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 On 24 March 2022, the SAT initiated an audit of the income tax computation of Comercializadora de Metales Fresnillo for the year 2016. Findings were shared by the SAT on 22 March 2023, which mainly relate to the tax treatment of the Silverstream transaction. The Company responded on 20 April 2023 and began a Conclusive Agreement procedure before the Mexican tax ombudsman (PRODECON). On 16 June 2023 and on 5 July 2023, the Company provided additional documentation and information to the SAT through PRODECON. On 31 January 2024, the PRODECON closed the Conclusive Agreement procedure as no agreement was reached between the company and the SAT. It is expected that the SAT\u2019s final conclusion on the matter will be notified to the Company no later than May 2024. The Directors believe that management\u2019s interpretation of the relevant legislation and assessment of taxation is appropriate. Also, the Directors consider that no tax liability is required to be recognised in respect of these claims or risks as the SAT\u2019s final conclusion is yet to be determined. \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$13.6 million in respect of the insurance claim, however, this does not constitute a final settlement and management continues to pursue a higher insurance payment. Due to the fact that negotiations are ongoing and there is uncertainty regarding the timing and amount involved in reaching a final settlement with the insurer, it is currently not practicable to determine the total amount expected to be recovered. \u2022 It is probable that interest income will be earned on the Group\u2019s outstanding income and value added tax receivable balances; however, there is no certainty that this interest will be realised until the underlying balance is recovered. Due to that uncertainty, it is also not practicable to estimate the amount of interest income earned but not recovered to date.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-534": { "value": "24. Commitments A summary of capital expenditure commitments by operating mines and development project is as follows:
As at 31 December
2023 2022
US$ thousands US$ thousands
Saucito
30,761
33,980
Fresnillo
26,503
48,629
San Juli\u00e1n
14,655
9,745
Juanicipio
12,246
47,809
Herradura
6,610
11,024
Ci\u00e9nega
2,984
10,753
Noche Buena
206
227
Other
4,040
414
98,005
162,581
1 1 Mainly corresponds to Minera el Bermejal, S. de R.L. de C.V. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "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 31 December
2023 2022
US$ thousands US$ thousands
IT equipment
10,387
10,914
Plant and equipment\ue51d
3,501
3,776
Buildings
702
439
Total lease liability
14,590
15,129
Less \u2013 Current portion
4,813
5,209
Non-current portion
9,777
9,920
The total cash outflow for leases for the year ended 31 December 2023, except short-term and low value leases, amounts to
US$7.3 million (2022: US$5.8 million), including finance costs of US$1.2 million (2022: US$0.7 million). The table below details
right-of-use assets included as property, plant and equipment in note 13.
Year ended 31 December 2023
US$ thousands
Computer Plant and
Buildings equipment
equipment\ue51d
Total
Cost
At 1 January 2023
4,620
21,284
3,933
29,837
Additions
723
4,286
123
5,132
Disposals
(308)
(6,291)
\u2013
(6,599)
At 31 December 2023
5,035
19,279
4,056
28,370
Accumulated depreciation
At 1 January 2023
(2,585)
(12,394)
(234)
(15,213)
Depreciation for the year
(739)
(4,880)
(567)
(6,186)
Disposals
290
6,119
\u2013
6,409
At 31 December 2023
(3,034)
(11,155)
(801)
(14,990)
Net book amount at 31 December 2023
2,001
8,124
3,255
13,380
Year ended 31 December 2022
US$ thousands
Computer Plant and
Buildings equipment
equipment\ue51d
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
Amounts recognised in profit and loss for the year, additional to depreciation of right-of-use assets, included US$1.2 million (2022: US$0.7
million) relating to interest expense, US$73.7 million (2022: US$60.4 million) on relating variable lease payments (note 6) of which US$4.2
million (2022: US$11.4 million) were capitalised as a part of stripping cost, US$0.9 million (2022: US$0.8 million) relating to short-term
leases and US$2.9 million (2022:US$3.3 million) relating to low-value assets.
(b) The Group as a lessor Operating leases, in which the Group is the lessor, relate to mobile equipment owned by the Group with lease terms of between 12 to 36 months. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the equipment at the expiry of the lease period. The Group\u2019s leases as a lessor are not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "25. Leases (a) The Group as lessee The Group leases various offices, buildings, plant and equipment and IT equipment. The resulting lease liability is as follows:
As at
31 December 31 December
2023 2022
US$ thousands US$ thousands
IT equipment
10,387
10,914
Plant and equipment\ue51d
3,501
3,776
Buildings
702
439
Total lease liability
14,590
15,129
Less \u2013 Current portion
4,813
5,209
Non-current portion
9,777
9,920
The total cash outflow for leases for the year ended 31 December 2023, except short-term and low value leases, amounts to US$7.3 million (2022: US$5.8 million), including finance costs of US$1.2 million (2022: US$0.7 million). The table below details right-of-use assets included as property, plant and equipment in note 13.
Year ended 31 December 2023
US$ thousands
Computer Plant and
Buildings equipment
equipment\ue51d
Total
Cost
At 1 January 2023
4,620
21,284
3,933
29,837
Additions
723
4,286
123
5,132
Disposals
(308)
(6,291)
\u2013
(6,599)
At 31 December 2023
5,035
19,279
4,056
28,370
Accumulated depreciation
At 1 January 2023
(2,585)
(12,394)
(234)
(15,213)
Depreciation for the year
(739)
(4,880)
(567)
(6,186)
Disposals
290
6,119
\u2013
6,409
At 31 December 2023
(3,034)
(11,155)
(801)
(14,990)
Net book amount at 31 December 2023
2,001
8,124
3,255
13,380
Year ended 31 December 2022
US$ thousands
Computer Plant and
Buildings equipment
equipment\ue51d
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
Amounts recognised in profit and loss for the year, additional to depreciation of right-of-use assets, included US$1.2 million (2022: US$0.7 million) relating to interest expense, US$73.7 million (2022: US$60.4 million) on relating variable lease payments (note 6) of which US$4.2 million (2022: US$11.4 million) were capitalised as a part of stripping cost, US$0.9 million (2022: US$0.8 million) relating to short-term leases and US$2.9 million (2022:US$3.3 million) relating to low-value assets. (b) The Group as a lessor Operating leases, in which the Group is the lessor, relate to mobile equipment owned by the Group with lease terms of between 12 to 36 months. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the equipment at the expiry of the lease period. The Group\u2019s leases as a lessor are not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-552": { "value": "25. Leases (a) The Group as lessee The Group leases various offices, buildings, plant and equipment and IT equipment. The resulting lease liability is as follows:
As at
31 December 31 December
2023 2022
US$ thousands US$ thousands
IT equipment
10,387
10,914
Plant and equipment\ue51d
3,501
3,776
Buildings
702
439
Total lease liability
14,590
15,129
Less \u2013 Current portion
4,813
5,209
Non-current portion
9,777
9,920
The total cash outflow for leases for the year ended 31 December 2023, except short-term and low value leases, amounts to US$7.3 million (2022: US$5.8 million), including finance costs of US$1.2 million (2022: US$0.7 million). The table below details right-of-use assets included as property, plant and equipment in note 13.
Year ended 31 December 2023
US$ thousands
Computer Plant and
Buildings equipment
equipment\ue51d
Total
Cost
At 1 January 2023
4,620
21,284
3,933
29,837
Additions
723
4,286
123
5,132
Disposals
(308)
(6,291)
\u2013
(6,599)
At 31 December 2023
5,035
19,279
4,056
28,370
Accumulated depreciation
At 1 January 2023
(2,585)
(12,394)
(234)
(15,213)
Depreciation for the year
(739)
(4,880)
(567)
(6,186)
Disposals
290
6,119
\u2013
6,409
At 31 December 2023
(3,034)
(11,155)
(801)
(14,990)
Net book amount at 31 December 2023
2,001
8,124
3,255
13,380
Year ended 31 December 2022
US$ thousands
Computer Plant and
Buildings equipment
equipment\ue51d
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
Amounts recognised in profit and loss for the year, additional to depreciation of right-of-use assets, included US$1.2 million (2022: US$0.7 million) relating to interest expense, US$73.7 million (2022: US$60.4 million) on relating variable lease payments (note 6) of which US$4.2 million (2022: US$11.4 million) were capitalised as a part of stripping cost, US$0.9 million (2022: US$0.8 million) relating to short-term leases and US$2.9 million (2022:US$3.3 million) relating to low-value assets. (b) The Group as a lessor Operating leases, in which the Group is the lessor, relate to mobile equipment owned by the Group with lease terms of between 12 to 36 months. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the equipment at the expiry of the lease period. The Group\u2019s leases as a lessor are not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-535": { "value": "25. Leases (a) The Group as lessee The Group leases various offices, buildings, plant and equipment and IT equipment. The resulting lease liability is as follows:
As at
31 December 31 December
2023 2022
US$ thousands US$ thousands
IT equipment
10,387
10,914
Plant and equipment\ue51d
3,501
3,776
Buildings
702
439
Total lease liability
14,590
15,129
Less \u2013 Current portion
4,813
5,209
Non-current portion
9,777
9,920
The total cash outflow for leases for the year ended 31 December 2023, except short-term and low value leases, amounts to US$7.3 million (2022: US$5.8 million), including finance costs of US$1.2 million (2022: US$0.7 million). The table below details right-of-use assets included as property, plant and equipment in note 13.
Year ended 31 December 2023
US$ thousands
Computer Plant and
Buildings equipment
equipment\ue51d
Total
Cost
At 1 January 2023
4,620
21,284
3,933
29,837
Additions
723
4,286
123
5,132
Disposals
(308)
(6,291)
\u2013
(6,599)
At 31 December 2023
5,035
19,279
4,056
28,370
Accumulated depreciation
At 1 January 2023
(2,585)
(12,394)
(234)
(15,213)
Depreciation for the year
(739)
(4,880)
(567)
(6,186)
Disposals
290
6,119
\u2013
6,409
At 31 December 2023
(3,034)
(11,155)
(801)
(14,990)
Net book amount at 31 December 2023
2,001
8,124
3,255
13,380
Year ended 31 December 2022
US$ thousands
Computer Plant and
Buildings equipment
equipment\ue51d
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
Amounts recognised in profit and loss for the year, additional to depreciation of right-of-use assets, included US$1.2 million (2022: US$0.7 million) relating to interest expense, US$73.7 million (2022: US$60.4 million) on relating variable lease payments (note 6) of which US$4.2 million (2022: US$11.4 million) were capitalised as a part of stripping cost, US$0.9 million (2022: US$0.8 million) relating to short-term leases and US$2.9 million (2022:US$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:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-536": { "value": "
26. Contingencies
As of 31 December 2023, 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.
It is not practical to determine the amount of any potential claims or the likelihood of any unfavourable outcome arising from this
or any future inspections that may be initiated. However, management believes that its interpretation of the relevant legislation is
appropriate and that the Group has complied with all regulations and paid or accrued all taxes and withholdings that are applicable.
\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 On 24 March 2022, the SAT initiated an audit of the income tax computation of Comercializadora de Metales Fresnillo for the
year 2016. Findings were shared by the SAT on 22 March 2023, which mainly relate to the tax treatment of the Silverstream
transaction. The Company responded on 20 April 2023 and began a Conclusive Agreement procedure before the Mexican tax
ombudsman (PRODECON). On 16 June 2023 and on 5 July 2023, the Company provided additional documentation and information
to the SAT through PRODECON. On 31 January 2024, the PRODECON closed the Conclusive Agreement procedure as no agreement
was reached between the company and the SAT. It is expected that the SAT\u2019s final conclusion on the matter will be notified to the
Company no later than May 2024. The Directors believe that management\u2019s interpretation of the relevant legislation and assessment
of taxation is appropriate. Also, the Directors consider that no tax liability is required to be recognised in respect of these claims or
risks as the SAT\u2019s final conclusion is yet to be determined.
\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$13.6 million in respect of the insurance claim, however,
this does not constitute a final settlement and management continues to pursue a higher insurance payment. Due to the fact that
negotiations are ongoing and there is uncertainty regarding the timing and amount involved in reaching a final settlement with the
insurer, it is currently not practicable to determine the total amount expected to be recovered.
\u2022 It is probable that interest income will be earned on the Group\u2019s outstanding income and value added tax receivable balances;
however, there is no certainty that this interest will be realised until the underlying balance is recovered. Due to that uncertainty,
it is also not practicable to estimate the amount of interest income earned but not recovered to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "
27. Related-party balances and transactions
The Group had the following related-party transactions during the years ended 31 December 2023 and 2022 and balances as at
31 December 2023 and 2022.
Related parties are those entities owned or controlled by the ultimate controlling party, as well as those who have a minority
participation in Group companies and key management personnel of the Group.
(a) Related-party balances
Accounts receivable
Accounts payable
As at 31 December
As at 31 December
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Trade:
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V.
306,668
275,844
5,840
421
Other:
Industrias Pe\u00f1oles, S.A.B. de C.V.
5,050
8,342
\u2013
\u2013
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V.
261
\u2013
739
\u2013
Servicios Administrativos Pe\u00f1oles, S.A. de C.V.
\u2013
\u2013
24,486
4,630
Servicios Especializados Pe\u00f1oles, S.A. de C.V.
\u2013
\u2013
7,147
8,964
Fuentes de Energ\u00eda Pe\u00f1oles, S.A. de C.V.
\u2013
\u2013
6,239
1,062
Termoel\u00e9ctrica Pe\u00f1oles, S. de R.L. de C.V.
\u2013
\u2013
3,362
3,206
Pe\u00f1oles Tecnolog\u00eda, S.A. de C.V.
\u2013
\u2013
1,261
490
E\u00f3lica de Coahuila S.A. de C.V.
\u2013
\u2013
2,986
13,466
Minera Capela, S.A. de C.V.
\u2013
\u2013
9
\u2013
Grupo Nacional Provincial, S.A.B. de C.V.
5,715
\u2013
\u2013
\u2013
Other
483
35
4,365
3,730
Sub-total
318,177
284,221
56,434
35,969
Less-current portion
318,177
284,221
56,434
35,969
Non-current portion
\u2013
\u2013
\u2013
\u2013
1 2 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14. 2 This balance corresponds to excess payments to the defined contribution plan which will be refunded. Related-party accounts receivable and payable will be settled in cash. Other balances with related parties:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Silverstream contract:
Industrias Pe\u00f1oles, S.A.B. de C.V.
482,340
511,474
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
2023 2022
US$ thousands US$ thousands
Income:
Sales:
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V.
2,704,452
2,436,761
Insurance recovery
Grupo Nacional Provincial, S.A.B. de C.V.
241
606
Other income
4,012
4,959
Total income
2,708,705
2,442,326
1 2 1 Figures do not include the effects of hedging as the derivative transactions are not undertaken with related parties. 2 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 (refer to note 5 (c)).
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Expenses:
Administrative services:
Servicios Administrativos Pe\u00f1oles, S.A. de C.V.
56,636
34,755
Servicios Especializados Pe\u00f1oles, S.A. de C.V.
26,626
24,558
Pe\u00f1oles Tecnolog\u00eda, S.A. de C.V.
5,343
4,356
88,605
63,669
Energy:
Termoel\u00e9ctrica Pe\u00f1oles, S. de R.L. de C.V.
28,454
20,630
Fuentes de Energ\u00eda Pe\u00f1oles, S.A. de C.V.
15,945
3,259
E\u00f3lica de Coahuila S.A. de C.V.
33,563
31,031
77,962
54,920
Operating materials and spare parts:
Wideco Inc
5,383
6,610
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V.
35,551
9,694
40,934
16,304
Equipment repair and administrative services:
Serviminas, S.A. de C.V.
10,068
7,492
Insurance premiums:
Grupo Nacional Provincial, S.A.B. de C.V.
18,909
16,443
Other expenses:
3,960
4,395
Total expenses
240,438
163,223
1
2
1 Includes US$0.6 million (2022: US$0.8 million) corresponding to expenses reimbursed.
2 Includes US$9.6 million (2022: US$nil) relating to engineering costs that were capitalised.
(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
2023 2022
US$ thousands US$ thousands
Salaries and bonuses
3,412
2,792
Post-employment benefits
290
244
Other benefits
435
316
Total compensation paid in respect of key management personnel
4,137
3,352
As at 31 December
2023 2022
US$ thousands US$ thousands
Accumulated accrued defined benefit pension entitlement
5,035
4,035
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-537": { "value": "27. Related-party balances and transactions The Group had the following related-party transactions during the years ended 31 December 2023 and 2022 and balances as at 31 December 2023 and 2022. 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
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Trade:
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V.
306,668
275,844
5,840
421
Other:
Industrias Pe\u00f1oles, S.A.B. de C.V.
5,050
8,342
\u2013
\u2013
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V.
261
\u2013
739
\u2013
Servicios Administrativos Pe\u00f1oles, S.A. de C.V.
\u2013
\u2013
24,486
4,630
Servicios Especializados Pe\u00f1oles, S.A. de C.V.
\u2013
\u2013
7,147
8,964
Fuentes de Energ\u00eda Pe\u00f1oles, S.A. de C.V.
\u2013
\u2013
6,239
1,062
Termoel\u00e9ctrica Pe\u00f1oles, S. de R.L. de C.V.
\u2013
\u2013
3,362
3,206
Pe\u00f1oles Tecnolog\u00eda, S.A. de C.V.
\u2013
\u2013
1,261
490
E\u00f3lica de Coahuila S.A. de C.V.
\u2013
\u2013
2,986
13,466
Minera Capela, S.A. de C.V.
\u2013
\u2013
9
\u2013
Grupo Nacional Provincial, S.A.B. de C.V.
5,715
\u2013
\u2013
\u2013
Other
483
35
4,365
3,730
Sub-total
318,177
284,221
56,434
35,969
Less-current portion
318,177
284,221
56,434
35,969
Non-current portion
\u2013
\u2013
\u2013
\u2013
1
2
1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14.
2 This balance corresponds to excess payments to the defined contribution plan which will be refunded.
Related-party accounts receivable and payable will be settled in cash.
Other balances with related parties:
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Silverstream contract:
Industrias Pe\u00f1oles, S.A.B. de C.V.
482,340
511,474
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
2023 2022
US$ thousands US$ thousands
Income:
Sales:
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V.
2,704,452
2,436,761
Insurance recovery
Grupo Nacional Provincial, S.A.B. de C.V.
241
606
Other income
4,012
4,959
Total income
2,708,705
2,442,326
1
2
1 Figures do not include the effects of hedging as the derivative transactions are not undertaken with related parties.
2 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 (refer to note 5 (c)).
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Expenses:
Administrative services:
Servicios Administrativos Pe\u00f1oles, S.A. de C.V.
56,636
34,755
Servicios Especializados Pe\u00f1oles, S.A. de C.V.
26,626
24,558
Pe\u00f1oles Tecnolog\u00eda, S.A. de C.V.
5,343
4,356
88,605
63,669
Energy:
Termoel\u00e9ctrica Pe\u00f1oles, S. de R.L. de C.V.
28,454
20,630
Fuentes de Energ\u00eda Pe\u00f1oles, S.A. de C.V.
15,945
3,259
E\u00f3lica de Coahuila S.A. de C.V.
33,563
31,031
77,962
54,920
Operating materials and spare parts:
Wideco Inc
5,383
6,610
Metal\u00fargica Met-Mex Pe\u00f1oles, S.A. de C.V.
35,551
9,694
40,934
16,304
Equipment repair and administrative services:
Serviminas, S.A. de C.V.
10,068
7,492
Insurance premiums:
Grupo Nacional Provincial, S.A.B. de C.V.
18,909
16,443
Other expenses:
3,960
4,395
Total expenses
240,438
163,223
1 2 1 Includes US$0.6 million (2022: US$0.8 million) corresponding to expenses reimbursed. 2 Includes US$9.6 million (2022: US$nil) relating to engineering costs that were capitalised. (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
2023 2022
US$ thousands US$ thousands
Salaries and bonuses
3,412
2,792
Post-employment benefits
290
244
Other benefits
435
316
Total compensation paid in respect of key management personnel
4,137
3,352
As at 31 December
2023 2022
US$ thousands US$ thousands
Accumulated accrued defined benefit pension entitlement
5,035
4,035
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:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "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
2023 2022
US$ thousands US$ thousands
Salaries and bonuses
3,412
2,792
Post-employment benefits
290
244
Other benefits
435
316
Total compensation paid in respect of key management personnel
4,137
3,352
As at 31 December
2023 2022
US$ thousands US$ thousands
Accumulated accrued defined benefit pension entitlement
5,035
4,035
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-538": { "value": "28. Auditor\u2019s remuneration Fees due by the Group to its auditor during the year ended 31 December 2023 and 2022 are as follows: Class of services
Year ended 31 December
2023 2022
US$ thousands US$ thousands
Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts
1,616
1,879
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
650
316
Audit-related assurance services
773
437
Total
3,039
2,632
1 1 Includes US$0.6 million (2022: US$0.4 million) for the limited review of the Half Yearly financial report, US$0.1 million (2022: US$nil) for the limited assurance services over certain GHG\u2019s KPIs and US$0.1 (2022: US$0.1 million) for the Mexican tax audit opinions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "
29. Notes to the consolidated statement of cash flows
Notes
2023 2022
US$ thousands US$ thousands
Reconciliation of profit for the year to net cash generated from operating activities
Profit for the year
288,300
308,291
Adjustments to reconcile profit for the period to net cash inflows from
operating activities:
Depreciation and amortisation
13
498,469
501,769
Employee profit sharing
8
2,390
9,841
Deferred income tax credit
11
(283,680)
(233,090)
Current income tax expense
11
109,398
173,370
Write-off of assets
9
1,920
11,315
(Gain)/Loss on the sale of property, plant and equipment and other assets
(882)
305
Net finance costs
36,974
55,148
Foreign exchange (gain)/loss
(1,142)
823
Difference between pension contributions paid and amounts recognised in the
income statement
2,061
1,259
Non-cash movement on derivatives
(2)
\u2013
Layback Agreement
2 (c)
\u2013
(67,182)
Changes in fair value of Silverstream
14
(7,732)
(18,785)
Change in mine closure cost provision
9
3,226
\u2013
Other
Working capital adjustments
38
\u2013
(Increase)/Decrease in trade and other receivables
(45,597)
7,199
Decrease/(increase) in prepayments and other assets
10,396
(14,064)
Decrease/(increase) in inventories
54,631
(99,562)
Increase in trade and other payables
1,196
40,282
Cash generated from operations
669,964
676,919
Income tax paid
(233,060)
(158,343)
Employee profit sharing paid
(10,982)
(16,391)
Net cash from operating activities
425,922
502,185
1
1 Income tax paid includes US$187.0 million corresponding to corporate income tax (2022: US$116.1 million) and US$46 million corresponding to special mining right
(2022: US$53.3 million), for further information refer to note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "30. Financial instruments (a) Fair value category
As at 31 December 2023
US$ thousands
Fair value Fair value
Amortised Fair value (hedging through profit
Financial assets: cost through OCI instruments) or loss
Trade and other receivables
9,894
\u2013
\u2013
311,718
Equity instruments at FVOCI
\u2013
107,991
\u2013
\u2013
Silverstream contract (note 14)
\u2013
\u2013
\u2013
482,340
Derivative financial instruments
\u2013
\u2013
79
\u2013
1 Financial liabilities:
Fair value Fair value
Amortised (hedging through profit
cost instruments) or loss
Interest-bearing loans (note 20)
839,002
\u2013
\u2013
Notes payable
95,360
\u2013
\u2013
Trade and other payables (note 23)
174,544
\u2013
\u2013
2
As at 31 December 2022
US$ thousands
Fair value Fair value
Amortised Fair value (hedging through profit
Financial assets: cost through OCI instruments) or loss
Trade and other receivables
27,719
\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
1 Financial liabilities:
Fair value Fair value
Amortised (hedging through profit
cost instruments) or loss
Interest-bearing loans (note 20)
1,158,557
\u2013
\u2013
Notes payable
104,962
\u2013
\u2013
Trade and other payables (note 23)
176,266
\u2013
\u2013
Derivative financial instruments
\u2013
487
\u2013
2 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 6.72% to 7.36% with a maturity of nine to 18 months US$72.6 million short-term and US$22.7 million long-term (2022: nine to 18 months US$9.1 million short-term and US$95.8 million long-term,). During the year, proceeds and payments from these notes amounted to US$22.7 million and US$33.0 million respectively (2022: US$8.1 million and US$10.0 million). Interest paid amount US$7.6 million (2022: US$4.2 million). (b) Fair value measurement The value of financial assets and liabilities other than those measured at fair value are as follows:
As at 31 December
Carrying amount
Fair value
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade and other receivables
9,894
27,719
9,894
27,719
Financial liabilities:
Interest-bearing loans
1
(note 20)
839,002
1,158,557
645,745
990,588
Trade and other payables
174,544
176,266
174,544
176,266
Notes payable
95,360
104,962
95,324
104,962
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 2023
Fair value measure using
Quoted prices in Significant Significant
active markets observable unobservable
Level 1 Level 2 Level 3 Total
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade receivables
\u2013
\u2013
306,668
306,668
Other receivables from related parties
\u2013
\u2013
5,050
5,050
Derivative financial instruments:
Option and forward foreign exchange contracts
\u2013
79
\u2013
79
Silverstream contract
\u2013
\u2013
482,340
482,340
Other financial assets:
Equity instruments at FVOCI
107,991
\u2013
\u2013
107,991
107,991
79
794,058
902,128
1 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14.
As of 31 December 2022
Fair value measure using
Quoted prices in Significant Significant
active markets observable unobservable
Level 1 Level 2 Level 3 Total
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade receivables
\u2013
\u2013
275,844
275,844
Other receivables from related parties
\u2013
\u2013
8,342
8,342
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
1 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14. 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:
2023 2022
US$ thousands US$ thousands
Balance at 1 January:
275,844
265,473
Sales
2,706,292
2,440,063
Cash collection
(2,674,262)
(2,426,390)
Changes in fair value
27,034
(20,178)
Realised embedded derivatives during the year
(28,240)
16,876
Balance at 31 December
306,668
275,844
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 2023, approximately 89.8% of the investments correspond to 9,314,877 shares (2022: 9,314,877 shares) of Mag Silver, Corp. for an amount of US$96.9 million (2022: US$145.5 million) and 5.1% of Endeavor Silver Corp. represented by 2,800,000 (2022: 2,800,000 shares) shares for an amount of US$5.5 million (2022: US$9.1 million). These equity investments are listed on the Toronto Stock Exchange. The prices per share as 31 December 2023 were US$10.41 (2022: US$15.62) and US$1.96 (2022: US$3.24), respectively. During the year the Group purchased 1,000,000 shares of Osisko Mining Inc., a Canadian exploration company, for a total consideration of US$2.3 million. Interest-bearing loans The fair value of the Group\u2019s interest-bearing loan is derived from quoted market prices in active markets (Level 1). Trade receivables: Sales of concentrates, precipitates dor\u00e9 bars and activated carbon are \u2018provisionally priced\u2019 and revenue is initially recognised using this provisional price and the Group\u2019s best estimate of the contained metal. Revenue is subject to final price and metal content adjustments subsequent to the date of delivery (see note 2 (n)). This price exposure is considered to be an embedded derivative and therefore the entire related trade receivable is measured at fair value. At each reporting date, the provisionally priced metal content is revalued based on the forward selling price for the quotational period stipulated in the relevant sales contract. The selling price of metals can be reliably measured as these metals are actively traded on international exchanges but the estimated metal content is a non-observable input to this valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "value": "30. Financial instruments (a) Fair value category
As at 31 December 2023
US$ thousands
Fair value Fair value
Amortised Fair value (hedging through profit
Financial assets: cost through OCI instruments) or loss
Trade and other receivables
9,894
\u2013
\u2013
311,718
Equity instruments at FVOCI
\u2013
107,991
\u2013
\u2013
Silverstream contract (note 14)
\u2013
\u2013
\u2013
482,340
Derivative financial instruments
\u2013
\u2013
79
\u2013
1 Financial liabilities:
Fair value Fair value
Amortised (hedging through profit
cost instruments) or loss
Interest-bearing loans (note 20)
839,002
\u2013
\u2013
Notes payable
95,360
\u2013
\u2013
Trade and other payables (note 23)
174,544
\u2013
\u2013
2
As at 31 December 2022
US$ thousands
Fair value Fair value
Amortised Fair value (hedging through profit
Financial assets: cost through OCI instruments) or loss
Trade and other receivables
27,719
\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
1 Financial liabilities:
Fair value Fair value
Amortised (hedging through profit
cost instruments) or loss
Interest-bearing loans (note 20)
1,158,557
\u2013
\u2013
Notes payable
104,962
\u2013
\u2013
Trade and other payables (note 23)
176,266
\u2013
\u2013
Derivative financial instruments
\u2013
487
\u2013
2 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 6.72% to 7.36% with a maturity of nine to 18 months US$72.6 million short-term and US$22.7 million long-term (2022: nine to 18 months US$9.1 million short-term and US$95.8 million long-term,). During the year, proceeds and payments from these notes amounted to US$22.7 million and US$33.0 million respectively (2022: US$8.1 million and US$10.0 million). Interest paid amount US$7.6 million (2022: US$4.2 million). (b) Fair value measurement The value of financial assets and liabilities other than those measured at fair value are as follows:
As at 31 December
Carrying amount
Fair value
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade and other receivables
9,894
27,719
9,894
27,719
Financial liabilities:
Interest-bearing loans
1
(note 20)
839,002
1,158,557
645,745
990,588
Trade and other payables
174,544
176,266
174,544
176,266
Notes payable
95,360
104,962
95,324
104,962
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 2023
Fair value measure using
Quoted prices in Significant Significant
active markets observable unobservable
Level 1 Level 2 Level 3 Total
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade receivables
\u2013
\u2013
306,668
306,668
Other receivables from related parties
\u2013
\u2013
5,050
5,050
Derivative financial instruments:
Option and forward foreign exchange contracts
\u2013
79
\u2013
79
Silverstream contract
\u2013
\u2013
482,340
482,340
Other financial assets:
Equity instruments at FVOCI
107,991
\u2013
\u2013
107,991
107,991
79
794,058
902,128
1 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14.
As of 31 December 2022
Fair value measure using
Quoted prices in Significant Significant
active markets observable unobservable
Level 1 Level 2 Level 3 Total
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade receivables
\u2013
\u2013
275,844
275,844
Other receivables from related parties
\u2013
\u2013
8,342
8,342
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
1 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14. 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:
2023 2022
US$ thousands US$ thousands
Balance at 1 January:
275,844
265,473
Sales
2,706,292
2,440,063
Cash collection
(2,674,262)
(2,426,390)
Changes in fair value
27,034
(20,178)
Realised embedded derivatives during the year
(28,240)
16,876
Balance at 31 December
306,668
275,844
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 2023, approximately 89.8% of the investments correspond to 9,314,877 shares (2022: 9,314,877 shares) of Mag Silver, Corp. for an amount of US$96.9 million (2022: US$145.5 million) and 5.1% of Endeavor Silver Corp. represented by 2,800,000 (2022: 2,800,000 shares) shares for an amount of US$5.5 million (2022: US$9.1 million). These equity investments are listed on the Toronto Stock Exchange. The prices per share as 31 December 2023 were US$10.41 (2022: US$15.62) and US$1.96 (2022: US$3.24), respectively. During the year the Group purchased 1,000,000 shares of Osisko Mining Inc., a Canadian exploration company, for a total consideration of US$2.3 million. Interest-bearing loans The fair value of the Group\u2019s interest-bearing loan is derived from quoted market prices in active markets (Level 1). Trade receivables: Sales of concentrates, precipitates dor\u00e9 bars and activated carbon are \u2018provisionally priced\u2019 and revenue is initially recognised using this provisional price and the Group\u2019s best estimate of the contained metal. Revenue is subject to final price and metal content adjustments subsequent to the date of delivery (see note 2 (n)). This price exposure is considered to be an embedded derivative and therefore the entire related trade receivable is measured at fair value. At each reporting date, the provisionally priced metal content is revalued based on the forward selling price for the quotational period stipulated in the relevant sales contract. The selling price of metals can be reliably measured as these metals are actively traded on international exchanges but the estimated metal content is a non-observable input to this valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-539": { "value": "30. Financial instruments (a) Fair value category
As at 31 December 2023
US$ thousands
Fair value Fair value
Amortised Fair value (hedging through profit
Financial assets: cost through OCI instruments) or loss
Trade and other receivables
9,894
\u2013
\u2013
311,718
Equity instruments at FVOCI
\u2013
107,991
\u2013
\u2013
Silverstream contract (note 14)
\u2013
\u2013
\u2013
482,340
Derivative financial instruments
\u2013
\u2013
79
\u2013
1 Financial liabilities:
Fair value Fair value
Amortised (hedging through profit
cost instruments) or loss
Interest-bearing loans (note 20)
839,002
\u2013
\u2013
Notes payable
95,360
\u2013
\u2013
Trade and other payables (note 23)
174,544
\u2013
\u2013
2
As at 31 December 2022
US$ thousands
Fair value Fair value
Amortised Fair value (hedging through profit
Financial assets: cost through OCI instruments) or loss
Trade and other receivables
27,719
\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
1 Financial liabilities:
Fair value Fair value
Amortised (hedging through profit
cost instruments) or loss
Interest-bearing loans (note 20)
1,158,557
\u2013
\u2013
Notes payable
104,962
\u2013
\u2013
Trade and other payables (note 23)
176,266
\u2013
\u2013
Derivative financial instruments
\u2013
487
\u2013
2 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 6.72% to 7.36% with a maturity of nine to 18 months US$72.6 million short-term and US$22.7 million long-term (2022: nine to 18 months US$9.1 million short-term and US$95.8 million long-term,). During the year, proceeds and payments from these notes amounted to US$22.7 million and US$33.0 million respectively (2022: US$8.1 million and US$10.0 million). Interest paid amount US$7.6 million (2022: US$4.2 million). (b) Fair value measurement The value of financial assets and liabilities other than those measured at fair value are as follows:
As at 31 December
Carrying amount
Fair value
2023 2022 2023 2022
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade and other receivables
9,894
27,719
9,894
27,719
Financial liabilities:
Interest-bearing loans
1
(note 20)
839,002
1,158,557
645,745
990,588
Trade and other payables
174,544
176,266
174,544
176,266
Notes payable
95,360
104,962
95,324
104,962
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 2023
Fair value measure using
Quoted prices in Significant Significant
active markets observable unobservable
Level 1 Level 2 Level 3 Total
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade receivables
\u2013
\u2013
306,668
306,668
Other receivables from related parties
\u2013
\u2013
5,050
5,050
Derivative financial instruments:
Option and forward foreign exchange contracts
\u2013
79
\u2013
79
Silverstream contract
\u2013
\u2013
482,340
482,340
Other financial assets:
Equity instruments at FVOCI
107,991
\u2013
\u2013
107,991
107,991
79
794,058
902,128
1 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14.
As of 31 December 2022
Fair value measure using
Quoted prices in Significant Significant
active markets observable unobservable
Level 1 Level 2 Level 3 Total
US$ thousands US$ thousands US$ thousands US$ thousands
Financial assets:
Trade receivables
\u2013
\u2013
275,844
275,844
Other receivables from related parties
\u2013
\u2013
8,342
8,342
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
1 1 This balance corresponds to the cash receivable related to the Silverstream contract, see note 14. 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:
2023 2022
US$ thousands US$ thousands
Balance at 1 January:
275,844
265,473
Sales
2,706,292
2,440,063
Cash collection
(2,674,262)
(2,426,390)
Changes in fair value
27,034
(20,178)
Realised embedded derivatives during the year
(28,240)
16,876
Balance at 31 December
306,668
275,844
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 2023,
approximately 89.8% of the investments correspond to 9,314,877 shares (2022: 9,314,877 shares) of Mag Silver, Corp. for an amount of
US$96.9 million (2022: US$145.5 million) and 5.1% of Endeavor Silver Corp. represented by 2,800,000 (2022: 2,800,000 shares) shares
for an amount of US$5.5 million (2022: US$9.1 million). These equity investments are listed on the Toronto Stock Exchange. The prices
per share as 31 December 2023 were US$10.41 (2022: US$15.62) and US$1.96 (2022: US$3.24), respectively. During the year the Group
purchased 1,000,000 shares of Osisko Mining Inc., a Canadian exploration company, for a total consideration of US$2.3 million.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "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.
(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
Effect on
profit before tax: Effect on equity:
Strengthening/ increase/ increase/
(weakening) (decrease) (decrease)
of US dollar US$ thousands US$ thousands
2023
10%
(1,504)
(275)
(5%)
871
276
2022
5%
742
1,120
(5%)
(820)
3,610
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: Effect on equity:
increase/ increase/
(decrease) (decrease)
Gold
Silver
Zinc
Lead
US$ thousands
US$ thousands
2023
10%
10%
10%
10%
26,375
\u2013
(10%)
(10%)
(10%)
(10%)
(26,375)
\u2013
2022
10%
20%
20%
15%
31,529
\u2013
(10%)
(15%)
(15%)
(15%)
(27,660)
\u2013
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 as
explained in note 14. 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
Effect on profit
Basis point before tax:
increase/ increase/
(decrease) (decrease)
in interest rate US$ thousands
2023
\u2013
\u2013
(75)
(3,307)
2022
100
8,667
(25)
(2,167)
1 The sensitivity shown in the table above primarily relates to the full year of interest on cash balances held as at the year end. 1 Based on actual market conditions management considers an increase in interest rates is likely remote. 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
Effect on
profit before tax: Effect on equity:
Increase/ increase/ increase/
(decrease) (decrease) (decrease)
in equity price (US$ thousands) US$ thousands
2023
40%
\u2013
43,196
(45%)
\u2013
(48,596)
2022
10%
\u2013
15,881
(25%)
\u2013
(39,703)
(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 counterparty. 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 2023 and 2022. 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 percent 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\u2019s) and mxA-1+ (Standard and Poor\u2019s) and above. As at 31 December 2023, the Group had concentrations of credit risk as 35 percent 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 2023, being US$482.3 million (2022: US$511.5 million).
(c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group monitors its risk of a shortage of funds using projected cash flows from operations and by monitoring the maturity of both
its financial assets and liabilities.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.
US$ thousands
Within 1 year
2\u20133 years
3-5 years
> 5 years
Total
As at 31 December 2023
Interest-bearing loans
37,986
75,973
75,973
1,685,699
1,875,631
Trade and other payables
180,565
\u2013
\u2013
\u2013
180,565
Notes payable
72,634
22,726
\u2013
\u2013
95,360
Lease liabilities
5,944
7,502
2,829
494
16,769
US$ thousands
Within 1 year
2\u20133 years
3-5 years
> 5 years
Total
As at 31 December 2022
Interest-bearing loans
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
6,055
6,933
3,129
1,620
17,737
Derivative financial instruments \u2013 liabilities
487
\u2013
\u2013
\u2013
487
The payments for financial derivative instruments 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 2023
Inflows
5,777
\u2013
\u2013
\u2013
5,777
Outflows
(5,587)
\u2013
\u2013
\u2013
(5,587)
Net
190
\u2013
\u2013
\u2013
190
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)
The above liquidity tables include expected inflows and outflows from currency option contracts which the Group expects to be
exercised during 2024 as at 31 December 2023 and during 2023 as at 31 December 2022, 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 2023 and 2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "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
Effect on
profit before tax: Effect on equity:
Strengthening/ increase/ increase/
(weakening) (decrease) (decrease)
of US dollar US$ thousands US$ thousands
2023
10%
(1,504)
(275)
(5%)
871
276
2022
5%
742
1,120
(5%)
(820)
3,610
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: Effect on equity:
increase/ increase/
(decrease) (decrease)
Gold
Silver
Zinc
Lead
US$ thousands
US$ thousands
2023
10%
10%
10%
10%
26,375
\u2013
(10%)
(10%)
(10%)
(10%)
(26,375)
\u2013
2022
10%
20%
20%
15%
31,529
\u2013
(10%)
(15%)
(15%)
(15%)
(27,660)
\u2013
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 as explained in note 14. 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
Effect on profit
Basis point before tax:
increase/ increase/
(decrease) (decrease)
in interest rate US$ thousands
2023
\u2013
\u2013
(75)
(3,307)
2022
100
8,667
(25)
(2,167)
1 The sensitivity shown in the table above primarily relates to the full year of interest on cash balances held as at the year end. 1 Based on actual market conditions management considers an increase in interest rates is likely remote. 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
Effect on
profit before tax: Effect on equity:
Increase/ increase/ increase/
(decrease) (decrease) (decrease)
in equity price (US$ thousands) US$ thousands
2023
40%
\u2013
43,196
(45%)
\u2013
(48,596)
2022
10%
\u2013
15,881
(25%)
\u2013
(39,703)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-540": { "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
Effect on
profit before tax: Effect on equity:
Strengthening/ increase/ increase/
(weakening) (decrease) (decrease)
of US dollar US$ thousands US$ thousands
2023
10%
(1,504)
(275)
(5%)
871
276
2022
5%
742
1,120
(5%)
(820)
3,610
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: Effect on equity:
increase/ increase/
(decrease) (decrease)
Gold
Silver
Zinc
Lead
US$ thousands
US$ thousands
2023
10%
10%
10%
10%
26,375
\u2013
(10%)
(10%)
(10%)
(10%)
(26,375)
\u2013
2022
10%
20%
20%
15%
31,529
\u2013
(10%)
(15%)
(15%)
(15%)
(27,660)
\u2013
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 as explained in note 14. 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
Effect on profit
Basis point before tax:
increase/ increase/
(decrease) (decrease)
in interest rate US$ thousands
2023
\u2013
\u2013
(75)
(3,307)
2022
100
8,667
(25)
(2,167)
1
The sensitivity shown in the table above primarily relates to the full year of interest on cash balances held as at the year end.
1 Based on actual market conditions management considers an increase in interest rates is likely remote.
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
Effect on
profit before tax: Effect on equity:
Increase/ increase/ increase/
(decrease) (decrease) (decrease)
in equity price (US$ thousands) US$ thousands
2023
40%
\u2013
43,196
(45%)
\u2013
(48,596)
2022
10%
\u2013
15,881
(25%)
\u2013
(39,703)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-541": { "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 counterparty. 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
2023 and 2022. 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 percent 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\u2019s) and mxA-1+ (Standard and Poor\u2019s) and above.
As at 31 December 2023, the Group had concentrations of credit risk as 35 percent 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 2023, being US$482.3 million (2022: US$511.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-556": { "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 counterparty. 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 2023 and 2022. 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 percent 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\u2019s) and mxA-1+ (Standard and Poor\u2019s) and above. As at 31 December 2023, the Group had concentrations of credit risk as 35 percent 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 2023, being US$482.3 million (2022: US$511.5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "value": "(c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group monitors its risk of a shortage of funds using projected cash flows from operations and by monitoring the maturity of both its financial assets and liabilities. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.
US$ thousands
Within 1 year
2\u20133 years
3-5 years
> 5 years
Total
As at 31 December 2023
Interest-bearing loans
37,986
75,973
75,973
1,685,699
1,875,631
Trade and other payables
180,565
\u2013
\u2013
\u2013
180,565
Notes payable
72,634
22,726
\u2013
\u2013
95,360
Lease liabilities
5,944
7,502
2,829
494
16,769
US$ thousands
Within 1 year
2\u20133 years
3-5 years
> 5 years
Total
As at 31 December 2022
Interest-bearing loans
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
6,055
6,933
3,129
1,620
17,737
Derivative financial instruments \u2013 liabilities
487
\u2013
\u2013
\u2013
487
The payments for financial derivative instruments 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 2023
Inflows
5,777
\u2013
\u2013
\u2013
5,777
Outflows
(5,587)
\u2013
\u2013
\u2013
(5,587)
Net
190
\u2013
\u2013
\u2013
190
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)
The above liquidity tables include expected inflows and outflows from currency option contracts which the Group expects to be exercised during 2024 as at 31 December 2023 and during 2023 as at 31 December 2022, 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 2023 and 2022 consisted of only cash and cash equivalents, which details are disclosed in note 17 ", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "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 2023
Interest-bearing loans
37,986
75,973
75,973
1,685,699
1,875,631
Trade and other payables
180,565
\u2013
\u2013
\u2013
180,565
Notes payable
72,634
22,726
\u2013
\u2013
95,360
Lease liabilities
5,944
7,502
2,829
494
16,769
US$ thousands
Within 1 year
2\u20133 years
3-5 years
> 5 years
Total
As at 31 December 2022
Interest-bearing loans
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
6,055
6,933
3,129
1,620
17,737
Derivative financial instruments \u2013 liabilities
487
\u2013
\u2013
\u2013
487
The payments for financial derivative instruments 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 2023
Inflows
5,777
\u2013
\u2013
\u2013
5,777
Outflows
(5,587)
\u2013
\u2013
\u2013
(5,587)
Net
190
\u2013
\u2013
\u2013
190
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)
The above liquidity tables include expected inflows and outflows from currency option contracts which the Group expects to be exercised during 2024 as at 31 December 2023 and during 2023 as at 31 December 2022, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "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 2023 and 2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "
32. Subsequent events
During January 2024 the Company entered into a syndicated revolving credit facility (the \u2018facility\u2019) with a term from January 2024 to
January 2029. The maximum amount available under the facility is US$350.0 million. The facility is unsecured and has an interest rate
on drawn amounts of SOFR plus an interest margin of 1.15%. The terms of this facility include financial covenants related to leverage and
interest cover ratios. No amounts have been drawn from the facility to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "21 Upper Brook Street London W1K 7PY United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300JXWH1UV5J0XV81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }