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MINING INTERESTS
 12 Months Ended
Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [abstract]  
Disclosure of property, plant and equipment [text block]
10. Mining interests
 
Mining Properties
 
 
 
 
 
Depletable
Non-
depletable
Plant &
equipment
Construction
in progress
Exploration  &
evaluation
Total
(in millions of U.S. dollars)
 
 
 
 
 
 
Cost
 
 
 
 
 
 
As at December 31, 2015
1,459.5
1,020.9
875.8
325.5
7.5
3,689.2
Additions
57.0
90.2
32.6
509.9
-
689.7
Disposals
-
-
(13.6)
-
-
(13.6)
Transfers
23.7
6.0
64.3
(94.0)
-
-
Impairments
-
-
-
-
(6.4)
(6.4)
As at December 31, 2016
1,540.2
1,117.1
959.1
741.4
1.1
4,358.9
Additions
88.8
65.8
44.5
529.7
-
728.8
Disposal of El Morro stream
-
(32.0)
-
-
-
(32.0)
Disposals
-
-
(17.0)
-
-
(17.0)
Impairment loss on held-for-sale assets(2)
(48.6)
-
-
-
-
(48.6)
Assets reclassified as held-for-sale(2)
(178.5)
(9.8)
(161.4)
(0.3)
-
(350.0)
Transfers(3)
1,219.5
(580.2)
554.1
(1,213.8)
-
(20.4)
Impairments(4)
(268.4)
-
-
-
-
(268.4)
As at December 31, 2017
2,353.0
560.9
1,379.3
57.0
1.1
4,351.3
Accumulated depreciation
 
 
 
 
 
 
As at December 31, 2015
541.8
-
344.2
-
-
886.0
Depreciation for the year
193.1
-
100.7
-
-
293.8
Disposals
-
-
(12.2)
-
-
(12.2)
As at December 31, 2016(1)
734.9
-
432.7
-
-
1,167.6
Depreciation for the period
161.7
-
102.5
-
-
264.2
Disposals
-
-
(16.2)
-
-
(16.2)
Reclassified as held for sale(2)
(159.3)
-
(105.4)
-
-
(264.7)
As at December 31, 2017
737.3
-
413.6
-
-
1,150.9
CARRYING AMOUNT
 
 
 
 
 
 
As at December 31, 2016(1)
805.3
1,117.1
526.4
741.4
1.1
3,191.3
As at December 31, 2017
1,615.7
560.9
965.7
57.0
1.1
3,200.4
1.
Prior-year period comparatives have been revised as per note 5.
2.
Refer to Note 16 for further information on the assets held for sale.
3.
Effective November 1, 2017, Rainy River achieved commercial production. As a result, the Company transferred amounts capitalized to construction in progress to depletable mining properties and plant & equipment and assets capitalized as non-depletable mining properties were transferred to depletable mining properties. Additionally, on November 1, 2017, the Company transferred $20.4 million related to inventories from construction in progress to current assets.
4.
Refer to note 11 for further information on impairment.
 
The Company capitalized interest of $51.3 million for the year ended December 31, 2017 (2016 - $49.4 million) to qualifying development projects. The Company’s annualized capitalization rate is 5.44% (2016 – 6.70%).
 
Disposal of El Morro gold stream asset
In February 2017, the Company disposed of its El Morro gold stream asset for proceeds of $65.0 million which resulted in a net gain of $33.0 million.
 
Carrying amount by property as at December 31, 2017:
 
As at December 31, 2017
(in millions of U.S. dollars)
Depletable
Non-
depletable
Plant &
equipment
Construction
in progress
Total
mining interest by site
 
 
 
 
 
New Afton
 521.8
 22.9
 225.7
 15.1
 785.5
Mesquite
 150.0
 - 
 83.5
 2.7
 236.2
Cerro San Pedro
 0.6
 - 
 - 
 - 
 0.6
Rainy River
 948.1
 0.5
 633.6
 39.2
 1,621.4
Blackwater
 - 
 537.5
 14.6
 - 
 552.1
Other(1)
 - 
 1.1
 3.5
 - 
 4.6
Carrying amount as at December 31, 2017
 1,620.5
 562.0
 960.9
 57.0
 3,200.4
1.
Other includes corporate balances and exploration properties.
 
Carrying amount by property as at December 31, 2016:
 
As at December 31, 2016
(in millions of U.S. dollars)
Depletable
Non-
depletable
Plant &
equipment
Construction
in progress
Total
mining interest by site
 
 
 
 
 
New Afton
574.4
20.0
247.1
5.2
846.7
Mesquite
170.3
-
98.2
3.1
271.6
Peak Mines
58.6
9.8
52.5
0.3
121.2
Cerro San Pedro
2.0
-
-
-
2.0
Rainy River
-
531.0
109.6
732.8
1,373.4
Blackwater
-
524.3
15.2
-
539.5
El Morro gold stream asset
-
32.0
-
-
32.0
Other(1)
-
1.1
3.8
-
4.9
Carrying amount as at December 31, 2016(2)
805.3
1,118.2
526.4
741.4
3,191.3
1.
Other includes corporate balances and exploration properties.
2.
Prior-year period comparatives have been revised as per note 5.