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PROPERTY, PLANT AND MINE DEVELOPMENT
12 Months Ended
Dec. 31, 2020
PROPERTY, PLANT AND MINE DEVELOPMENT  
PROPERTY, PLANT AND MINE DEVELOPMENT

8.  PROPERTY, PLANT AND MINE DEVELOPMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Mine

    

 

 

 

 

Mining

 

Plant and

 

Development

 

 

 

 

Properties

 

Equipment

 

Costs

 

Total

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 23)

 

 

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

Additions

 

 

204,239

 

 

285,083

 

 

498,624

 

 

987,946

Disposals

 

 

 —

 

 

(15,248)

 

 

 —

 

 

(15,248)

Amortization

 

 

(180,007)

 

 

(348,993)

 

 

(121,945)

 

 

(650,945)

Transfers between categories

 

 

126,630

 

 

117,062

 

 

(243,692)

 

 

 —

As at December 31, 2020

 

$

2,159,413

 

$

3,225,699

 

$

1,940,306

 

$

7,325,418

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As at December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

$

3,680,992

 

$

6,528,830

 

$

2,798,411

 

$

13,008,233

Accumulated amortization and impairments

 

 

(1,521,579)

 

 

(3,303,131)

 

 

(858,105)

 

 

(5,682,815)

Carrying value - December 31, 2020

 

$

2,159,413

 

$

3,225,699

 

$

1,940,306

 

$

7,325,418

 

During the year ended December 31, 2020, net additions to Plant and Equipment included $9.7 million of right-of-use assets for lease arrangements entered into during the year (2019 - $46.8 million).

As at December 31, 2020,  major assets under construction, and therefore not yet being depreciated, included in the carrying value of property, plant and mine development was $387.6 million (2019 - $244.9 million).

During the year ended December 31, 2020, the Company produced and sold pre-commercial production ounces of gold from the Barnat deposit at the Canadian Malartic mine, the Tiriganiaq open pit deposit at the Meliadine mine, and the IVR deposit at the Meadowbank Complex. 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, 2020, the Company earned $59.2 million of pre-commercial production revenue (2019 - $91.1 million).

During the year ended December 31, 2020, the Company disposed of property, plant and mine development with a carrying value of $15.2 million (2019 - $20.4 million). The net loss on disposal of $14.2 million (2019 - $11.9 million) was recorded in the other expenses (income) line item in the consolidated statements of income.

Geographic Information:

 

 

 

 

 

 

 

 

 

    

As at

    

As at

 

 

December 31, 

 

December 31, 

 

 

2020

 

2019

Canada

 

$

5,166,239

 

$

5,000,544

Finland

 

 

1,428,331

 

 

1,205,935

Sweden

 

 

13,812

 

 

13,812

 

 

 

 

 

 

 

Mexico

 

 

714,576

 

 

780,877

United States

 

 

2,460

 

 

2,497

Total property, plant and mine development

 

$

7,325,418

 

$

7,003,665