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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Profit for the year $ 111,068,000 $ 224,435,000 $ 61,127,000
Adjustments for:      
Income tax expense 103,441,000 170,474,000 67,271,000
Depreciation 120,934,000 96,692,000 88,969,000
Loss on disposal of property, plant and equipment 426,000 73,000 787,000
Impairment loss for non-financial assets 13,332,000 0 4,334,000
Write-off of unsuccessful exploration efforts 29,563,000 25,789,000 12,262,000
Accrual of borrowing's interests 30,839,000 36,360,000 44,378,000
Borrowings cancellation costs 0 5,141,000 6,308,000
Amortization of other long-term liabilities (127,000) (2,407,000) (223,000)
Unwinding of long-term liabilities 6,456,000 6,026,000 5,079,000
Accrual of share-based payment 7,328,000 11,038,000 6,621,000
Foreign exchange loss (gain) 19,729,000 (19,725,000) (5,049,000)
Unrealized gain on commodity risk management contracts 0 (13,023,000) (463,000)
Income tax paid [1] (115,626,000) (33,355,000) (65,273,000)
Changes in working capital [2] (26,425,000) (40,047,000) (9,351,000)
Cash flows from operating activities - net 300,938,000 467,471,000 216,777,000
Cash flows from investing activities      
Purchase of property, plant and equipment (199,040,000) (168,808,000) (129,258,000)
Proceeds from disposal of long-term assets 450,000 15,135,000 2,700,000
Cash flows used in investing activities - net (198,590,000) (153,673,000) (126,558,000)
Cash flows from financing activities      
Proceeds from borrowings 0 0 172,174,000
Debt issuance costs paid 0 0 (2,019,000)
Principal paid 0 (172,522,000) (274,934,000)
Interest paid (27,500,000) (36,514,000) (42,592,000)
Borrowings cancellation and other costs paid 0 (9,118,000) (12,908,000)
Lease payments (10,267,000) (7,851,000) (7,518,000)
Repurchase of shares (31,239,000) (36,265,000) (11,841,000)
Cash distribution (29,715,000) (24,282,000) (7,224,000)
Payments for transactions with former non-controlling interest 0 0 (3,580,000)
Cash flows used in financing activities - net (98,721,000) (286,552,000) (190,442,000)
Net increase (decrease) in cash and cash equivalents 3,627,000 27,246,000 (100,223,000)
Cash and cash equivalents at January 1 128,843,000 100,604,000 201,907,000
Currency translation differences 566,000 993,000 (1,080,000)
Cash and cash equivalents at the end of the year 133,036,000 128,843,000 100,604,000
Ending Cash and cash equivalents are specified as follows:      
Cash in bank and bank deposits 133,023,000 128,831,000 100,587,000
Cash in hand 13,000 12,000 17,000
Cash and cash equivalents $ 133,036,000 $ 128,843,000 $ 100,604,000
[1] Includes self-withholding taxes for US$ 35,116,000, US$ 20,767,000 and US$ 12,469,000 in 2023, 2022 and 2021, respectively.
[2] Includes withholding taxes from clients for US$ 27,558,000, US$ 27,256,000 and US$ 16,361,000 in 2023, 2022 and 2021, respectively.