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Financial Instruments and Financial Risk Management (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of risk management strategy related to hedge accounting [abstract]  
Schedules of Risks Arising from Financial Instruments
U.S. dollar financial instruments subject to foreign exchange risk consist of U.S. dollar denominated items held in Canada and are summarized below.

(US$ in millions)December 31,
2023		December 31,
2022
Cash and cash equivalents$59 $634 
Trade and settlement receivables1,145 629 
Trade accounts payable and other liabilities(743)(570)
Debt (Note 20)
(2,470)(2,585)
Reduced by: Debt designated as a hedging instrument in our net investment hedge2,334 1,686 
Net U.S. dollar exposure$325 $(206)
The table below outlines our outstanding settlement receivables and payables, which were provisionally valued at December 31, 2023 and December 31, 2022.
 
Outstanding at December 31, 2023Outstanding at December 31, 2022
VolumePriceVolumePrice
Receivable positions
Copper (pounds in millions)127 
US$3.87/lb.
168 
US$3.80/lb.
Zinc (pounds in millions)167 
US$1.20/lb.
218 
US$1.35/lb.
Lead (pounds in millions)17 
US$0.94/lb.
17 
US$1.05/lb.
Steelmaking coal (tonnes in thousands)504 
US$264/tonne
388 
US$257/tonne
Payable positions
Zinc payable (pounds in millions)121 
US$1.20/lb.
75 
US$1.35/lb.
Lead payable (pounds in millions)15 
US$0.94/lb.
18 
US$1.05/lb.
Schedule of Maturity Analysis for Non-Derivative Financial Liabilities
At December 31, 2023, scheduled principal payments during the next five years and thereafter are as follows:

($ in millions)US$CAD$
Equivalent
2024$389 $515 
2025294 389 
2026519 687 
2027294 389 
2028294 389 
Thereafter3,206 4,240 
$4,996 $6,609 
Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2023 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
   financial liabilities
$3,497 $— $— $— $3,497 
Debt (Note 20(f))
515 1,076 778 4,240 6,609 
Lease liabilities197 261 186 1,107 1,751 
Obligation to Neptune Bulk Terminals— 31 30 143 204 
ENAMI preferential dividend liability— — — 606 606 
QB2 advances from SMM/SC— — — 3,520 3,520 
QB2 variable consideration to IMSA
— 132 — — 132 
Other liabilities— 104 11 13 128 
Estimated interest payments on debt394 614 452 1,828 3,288 
Estimated interest payments on QB2 advances
   from SMM/SC		— — — 2,039 2,039 
Estimated interest payments on lease and other
   liabilities		18 26 19 81 144 
Downstream pipeline take-or-pay toll
   commitment
29 60 65 254 408 
Schedule of Sensitivity Analysis for Types of Market Risk
The following represents the effect on profit attributable to shareholders from a 10% change in commodity prices, with other variables unchanged, based on outstanding receivables and payables subject to final pricing adjustments at December 31, 2023 and December 31, 2022. There is no effect on other comprehensive income.

Price on December 31,Change in Profit
Attributable to Shareholders
(CAD$ in millions)2023202220232022
Copper
US$3.87/lb.
US$3.80/lb.
$37 $52 
Zinc
US$1.20/lb.
US$1.35/lb.
$(1)$9 
Steelmaking coal
US$264/tonne
US$257/tonne
$11 $9 
The table below outlines our outstanding settlement receivables and payables, which were provisionally valued at December 31, 2023 and December 31, 2022.
 
Outstanding at December 31, 2023Outstanding at December 31, 2022
VolumePriceVolumePrice
Receivable positions
Copper (pounds in millions)127 
US$3.87/lb.
168 
US$3.80/lb.
Zinc (pounds in millions)167 
US$1.20/lb.
218 
US$1.35/lb.
Lead (pounds in millions)17 
US$0.94/lb.
17 
US$1.05/lb.
Steelmaking coal (tonnes in thousands)504 
US$264/tonne
388 
US$257/tonne
Payable positions
Zinc payable (pounds in millions)121 
US$1.20/lb.
75 
US$1.35/lb.
Lead payable (pounds in millions)15 
US$0.94/lb.
18 
US$1.05/lb.
Schedules of Risks Arising from Financial Instruments
The fair value of our commodity swaps is calculated using a discounted cash flow method based on forward metal prices. A summary of these derivative contracts and related fair values as at December 31, 2023 is as follows:

Derivatives not designated as
hedging instruments		QuantityAverage Price
of Purchase
Commitments		Average Price
of Sale
Commitments
Fair Value
Asset (Liability)
(CAD$ in millions)
Zinc swaps
209 million lbs.
US$1.19/lb.
US$1.21/lb.
$18 
Lead swaps
64 million lbs.
US$0.94/lb.
US$0.96/lb.
$(3)
Copper swaps
18 million lbs.
US$3.85/lb.
US$3.81/lb.
$(1)
$14 
Derivatives Not Designated as Hedging Instruments and Embedded Derivatives

(CAD$ in millions)Amount of Gain (Loss)
Recognized in Other
Operating Income (Expense)
and Non-Operating Income (Expense)
 20232022
Zinc swaps
$(23)$15 
Lead swaps
(9)3 
Copper swaps
(1)— 
Settlement receivables and payables (Note 10)
39 (371)
Contingent zinc escalation payment embedded derivative
5 27 
Gold stream embedded derivative
12 (8)
Silver stream embedded derivative
4 (2)
QB2 variable consideration to IMSA (Note 12(a))
(4)(5)
$23 $(341)