Leases

12 Months Ended

Dec. 31, 2020

Presentation of leases for lessee [abstract]

(a) Right-of-use assets

The Company leases assets such as buildings, mobile equipment and machinery. These assets are included in Mining Interests on the statement of financial position and are classified as plant & equipment as per Note 9 of the Company’s consolidated financial statements.



(in millions of U.S. dollars)
RIGHT-OF-USE- ASSETS
Balance, January 1, 2019			20.8
Additions			28.5
Depreciation			(6.1)
Disposals			—
Balance, December 31, 2019			43.2
Additions			7.5
Depreciation			(12.9)
Disposals			(2.6)
Balance, December 31, 2020			35.2

(b) Lease liabilities

Please see below for a maturity analysis of the Company’s lease payments:


	As at December 31	As at December 31
(in millions of U.S. dollars)	2020	2019
MATURITY ANALYSIS FOR LEASES
Less than 1 year	10.6	9.8
Between 1 and 3 years	19.3	17.0
Between 3 and 5 years	1.5	8.6

Total undiscounted lease payments(1)	31.4	35.4
Carrying value of lease liabilities	29.1	32.6
Less: current portion of lease liabilities(2)	(9.6)	(8.7)
Non-current portion of lease liabilities	19.5	23.9

1.Total undiscounted lease payments excludes leases that are classified as short term and leases for low value assets, which are not recognized as lease liabilities.

2.The current portion of the lease liabilities is included in trade and other payables on the statement of financial position.

For the year ended December 31, 2020, the Company recognized $1.2 million (2019 - $1.5 million) in interest expense on lease liabilities. For the year ended December 31, 2020, the Company expensed $2.0 million (2019 - $9.9 million) related to leases that are classified as short term.