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PROPERTY, PLANT AND MINE DEVELOPMENT
12 Months Ended
Dec. 31, 2019
PROPERTY, PLANT AND MINE DEVELOPMENT  
PROPERTY, PLANT AND MINE DEVELOPMENT

10.  PROPERTY, PLANT AND MINE DEVELOPMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Mine

    

 

 

 

 

Mining

 

Plant and

 

Development

 

 

 

 

Properties

 

Equipment

 

Costs

 

Total

As at December 31, 2017

 

$

1,665,527

 

$

1,991,121

 

$

1,969,904

 

$

5,626,552

Additions

 

 

335,938

 

 

247,655

 

 

681,882

 

 

1,265,475

Impairment loss (Note 24)

 

 

(100,676)

 

 

 

 

 

 

(100,676)

Disposals

 

 

(8,554)

 

 

(5,590)

 

 

 

 

(14,144)

Amortization

 

 

(146,793)

 

 

(268,028)

 

 

(128,084)

 

 

(542,905)

Transfers between categories

 

 

29,621

 

 

19,709

 

 

(49,330)

 

 

As at December 31, 2018

 

$

1,775,063

 

 

1,984,867

 

 

2,474,372

 

 

6,234,302

Additions

 

 

63,305

 

 

314,469

 

 

635,030

 

 

1,012,804

Impairment reversal (Note 24)

 

 

172,484

 

 

 —

 

 

173,337

 

 

345,821

Disposals

 

 

(937)

 

 

(19,434)

 

 

 —

 

 

(20,371)

Amortization

 

 

(152,160)

 

 

(300,027)

 

 

(116,704)

 

 

(568,891)

Transfers between categories

 

 

150,796

 

 

1,207,920

 

 

(1,358,716)

 

 

 —

As at December 31, 2019

 

$

2,008,551

 

$

3,187,795

 

$

1,807,319

 

$

7,003,665

As at December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

$

3,135,284

 

$

4,839,166

 

$

3,281,066

 

$

11,255,516

Accumulated amortization and impairments

 

 

(1,360,221)

 

 

(2,854,299)

 

 

(806,694)

 

 

(5,021,214)

Carrying value - December 31, 2018

 

$

1,775,063

 

$

1,984,867

 

$

2,474,372

 

$

6,234,302

As at December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

$

3,348,912

 

$

6,182,372

 

$

2,540,534

 

$

12,071,818

Accumulated amortization and impairments

 

 

(1,340,361)

 

 

(2,994,577)

 

 

(733,215)

 

 

(5,068,153)

Carrying value - December 31, 2019

 

$

2,008,551

 

$

3,187,795

 

$

1,807,319

 

$

7,003,665

 

Additions to Plant and Equipment include $81.8 million of transitional adjustments for the recognition of leased right-of-use assets upon the Company's adoption of IFRS 16 on January 1, 2019 (see Note 5), and $46.8 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2019.

As at December 31, 2019, major assets under construction, and therefore not yet being depreciated, included in the carrying value of property, plant and mine development amounted to $244.9 million (2018 - $1,424.2 million).

During the year ended December 31, 2019, the Company produced and sold pre-commercial production ounces from the Meliadine mine, Amaruq satellite deposit at the Meadowbank Complex, and Barnat deposit at the Canadian Malartic mine. The Company deducts revenues from mining operations earned prior to commercial production from the cost of the related property, plant and mine development. During the year ended December 31, 2019, the Company earned $91.1 million of pre-commercial production revenue.

During the year ended December 31, 2019, the Company disposed of property, plant and mine development with a carrying value of $20.4 million (2018 - $14.1 million). The loss of $11.9 million on disposal (2018 - gain of $22.8 million) was recorded in the other income line item in the consolidated statements of income (loss).

Geographic Information:

 

 

 

 

 

 

 

 

 

    

As at

    

As at

 

 

December 31, 

 

December 31, 

 

 

2019

 

2018

Northern Business:

 

 

  

 

 

  

Canada

 

$

5,000,544

 

$

4,386,051

Finland

 

 

1,205,935

 

 

996,946

Sweden

 

 

13,812

 

 

13,812

 

 

 

 

 

 

 

Southern Business:

 

 

 

 

 

 

Mexico

 

 

780,877

 

 

835,797

United States

 

 

2,497

 

 

1,696

Total property, plant and mine development

 

$

7,003,665

 

$

6,234,302