Plant and equipment

9 Months Ended

Sep. 30, 2023

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


For the nine months ended September 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	372.8		—		0.8		—		2.9		376.5
Transfers	(18.2)		18.2		—		—		—		—
Impairment	(87.7)		(7.2)		—		—		(1.6)		(96.5)
Balance, end of the period	434.0		49.2		2.9		0.3		11.2		497.6

Accumulated depreciation
Balance, beginning of the period	—		(5.3)		(0.3)		(0.1)		(1.5)		(7.2)
Depreciation	—		(4.5)		(0.7)		—		(0.9)		(6.1)
Balance, end of the period	—		(9.8)		(1.0)		(0.1)		(2.4)		(13.3)
Net book value	$	434.0	$	39.4	$	1.9	$	0.2	$	8.8	$	484.3

For the three and nine months ended September 30, 2023, $2.3 million and $6.6 million, respectively in employee salaries (three and nine months ended September 30, 2022: $2.7 million and $2.7 million) and $0.2 million and $0.6 million, respectively in share-based compensation costs (three and nine months ended September 30, 2022: $0.4 million and $0.4 million) were capitalized to assets under construction.

For the three and nine months ended September 30, 2023, borrowing costs of $6.8 million and $19.0 million, respectively were capitalized to assets under construction (three and nine months ended September 30, 2022: $3.3 million and $3.3 million). 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 12.4%.

As of September 30, 2023, $64.6 million of the accounts payable balance is made up of non-cash additions to plant and equipment (December 31, 2022: $48.6 million).

Refer to Note 22 for details of contractual commitments to purchase fixed assets.