Non-Controlling Interests

12 Months Ended

Dec. 31, 2022

Interests In Other Entities [Abstract]

Non-Controlling Interests

Non-Controlling Interests

Set out below is information about our subsidiaries with non-controlling interests and the non-controlling interest balances included in equity.

(CAD$ in millions)	Principal Place of Business	Percentage of Ownership Interest and Voting Rights Held by Non-Controlling Interest		December 31, 2022		December 31, 2021
Carmen de Andacollo	Region IV, Chile	10	%	$	26	$	24
Quebrada Blanca (a)	Region I, Chile	40	%	874		612
Elkview Mine Limited Partnership	British Columbia, Canada	5	%	87		86
Compañía Minera Zafranal S.A.C.	Arequipa Region, Peru	20	%	51		46
				$	1,038	$	768

a) Quebrada Blanca

The non-controlling interest in QBSA, the entity that owns QB2, consists of SMM/SC, who subscribed for a 30% indirect interest in QBSA in 2019, and ENAMI, a Chilean state-owned agency that holds a 10% preference share interest. ENAMI’s interest in QBSA does not require ENAMI to make contributions toward QBSA’s capital spending.

The following is the summarized financial information for Quebrada Blanca before intra-group eliminations. Quebrada Blanca has non-controlling interests that are considered material to our consolidated financial statements.

(CAD$ in millions)	December 31, 2022		December 31, 2021
Summarized balance sheet
Current assets	$	442	$	166
Current liabilities	1,946		731
Current net assets	(1,504)		(565)
Non-current assets	17,197		11,699
Non-current liabilities	10,647		7,328
Non-current net assets	6,550		4,371
Net assets	$	5,046	$	3,806
Accumulated non-controlling interests	$	874	$	612
Summarized statement of comprehensive income (loss)
Revenue	$	105	$	136
Loss for the period	(257)		(182)
Other comprehensive income (loss)	206		(10)
Total comprehensive loss	$	(51)	$	(192)
Loss allocated to non-controlling interests	$	(95)	$	(20)
Summarized cash flows
Cash flows from operating activities	$	(1,579)	$	(516)
Cash flows from investing activities	(3,304)		(2,597)
Cash flows from financing activities	4,918		3,117
Effect of exchange rates on cash and cash equivalents	7		2
Net increase in cash and cash equivalents	$	42	$	6