Plant and equipment

6 Months Ended

Jun. 30, 2023

Disclosure of detailed information about property, plant and equipment [abstract]


For the six months ended June 30,											2023
	Assets under construction		Plant equipment and other		Computer equipment		Vehicles		Leasehold improvements		Total
Cost
Balance, beginning of the period	$	167.1	$	38.2	$	2.1	$	0.3	$	9.9	$	217.6
Additions	185.1		—		0.6		—		0.2		185.9
Transfers	(3.1)		3.1		—		—		—		—
Balance, end of the period	349.1		41.3		2.7		0.3		10.1		403.5

Accumulated depreciation
Balance, beginning of the period	—		(5.3)		(0.3)		(0.1)		(1.5)		(7.2)
Depreciation	—		(2.8)		(0.5)		—		(0.6)		(3.9)
Balance, end of the period	—		(8.1)		(0.8)		(0.1)		(2.1)		(11.1)
Net book value	$	349.1	$	33.2	$	1.9	$	0.2	$	8.0	$	392.4

For the three and six months ended June 30, 2023, $2.3 million and $4.3 million, respectively in employee salaries (three and six months ended June 30, 2022: $nil and $nil) and $0.2 million and $0.4 million, respectively in share-based compensation costs (three and six months ended June 30, 2022: $nil and $nil) were capitalized to assets under construction.

For the three and six months ended June 30, 2023, borrowing costs of $6.5 million and $12.2 million, respectively were capitalized to assets under construction (three and six months ended June 30, 2022: $nil and $nil). The capitalization rate used to determine the amount of borrowing costs eligible for capitalization in the period was a weighted average effective interest rate of 12.5%.

As of June 30, 2023, $58.2 million of the accounts payable balance is made up of non-cash additions to plant and equipment (December 31, 2022: $48.5 million).

Refer to Note 21 for details of contractual commitments to purchase fixed assets.