Debt (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Scheduled Principal Payments

($ in millions)	December 31, 2022						December 31, 2021
	Face Value (US$)		Fair Value (CAD$)		Carrying Value (CAD$)		Face Value (US$)		Fair Value (CAD$)		Carrying Value (CAD$)
4.75% notes due January 2022 (a)	$	—	$	—	$	—	$	150	$	190	$	190
3.75% notes due February 2023 (a)	108		147		147		108		140		137
3.9% notes due July 2030 (a)	503		614		673		550		751		688
6.125% notes due October 2035 (a)	336		452		449		609		1,005		761
6.0% notes due August 2040 (a)	480		631		648		490		795		620
6.25% notes due July 2041 (a)	396		531		531		795		1,349		997
5.2% notes due March 2042 (a)	395		471		529		399		602		500
5.4% notes due February 2043 (a)	367		448		492		377		586		473
	2,585		3,294		3,469		3,478		5,418		4,366
QB2 project financing facility (b)	2,500		3,419		3,322		2,252		2,929		2,785
Carmen de Andacollo short-term    loans (c)	52		71		71		—		—		—
Antamina loan agreements (d)	225		305		305		176		223		223
	$	5,362	$	7,089	$	7,167	$	5,906	$	8,570	$	7,374
Less current portion of debt	(454)		(616)		(616)		(168)		(213)		(213)
	$	4,908	$	6,473	$	6,551	$	5,738	$	8,357	$	7,161

Amounts outstanding under the facility bear interest at LIBOR plus an applicable margin.

In 2022, QBSA entered into a second subordinated loan facility agreement with SMM/SC to advance QBSA up to an additional US$750 million, under similar terms to the existing subordinated loan facility.

($ in millions)	December 31, 2022						December 31, 2021
	Face Value (US$)		Fair Value (CAD$)		Carrying Value (CAD$)		Face Value (US$)		Fair Value (CAD$)		Carrying Value (CAD$)
QB2 advances from SMM/SC	$	1,693	$	2,330	$	2,279	$	1,003	$	1,288	$	1,263

Schedule of Maturity Analysis for Non-Derivative Financial Liabilities

At December 31, 2022, scheduled principal payments during the next five years and thereafter are as follows:

($ in millions)	US$		CAD$ Equivalent
2023	$	454	$	616
2024	294		398
2025	294		398
2026	519		703
2027	294		398
Thereafter	3,507		4,749
	$	5,362	$	7,262

Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2022 are as follows:

(CAD$ in millions)	Less Than 1 Year		2–3 Years		4–5 Years		More Than 5 Years		Total
Trade accounts payable and other liabilities	$	3,906	$	—	$	—	$	—	$	3,906
Debt (Note 19(f))	616		796		1,101		4,749		7,262
Lease liabilities	138		164		114		329		745
Obligation to Neptune Bulk Terminals	—		28		28		133		189
ENAMI preferential dividend liability	—		—		261		107		368
QB2 advances from SMM/SC	—		—		—		2,293		2,293
QB2 variable consideration to IMSA	—		135		—		—		135
Other liabilities	—		87		31		12		130
Estimated interest payments on debt	417		729		590		2,145		3,881
Estimated interest payments on QB2 advances    from SMM/SC	—		—		—		1,019		1,019
Estimated interest payments on lease and other    liabilities	16		22		17		43		98

Summary of Debt Continuity

Debt Continuity

($ in millions)	US$				CAD$ Equivalent
	2022		2021		2022		2021
As at January 1	$	5,816	$	4,913	$	7,374	$	6,255
Cash flows
Proceeds from debt	445		1,305		569		1,639
Redemption, purchase or repayment of debt	(1,026)		(124)		(1,323)		(155)
Revolving credit facilities	—		(262)		—		(335)
Non-cash changes
Loss on debt redemption or purchase	45		—		58		—
Changes in foreign exchange rates	—		—		474		(10)
Finance fees, discount amortization and other	12		(16)		15		(20)
As at December 31	$	5,292	$	5,816	$	7,167	$	7,374

QB2 Advances from SMM/SC Carrying Value Continuity

($ in millions)	US$				CAD$ Equivalent
	2022		2021		2022		2021
As at January 1	$	997	$	734	$	1,263	$	934
Cash flows
Advances	685		262		899		326
Non-cash changes
Finance fee amortization	1		1		1		1
Changes in foreign exchange rates	—		—		116		2
As at December 31	$	1,683	$	997	$	2,279	$	1,263