Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, plant and equipment [abstract]

17. Property, Plant and Equipment


(CAD$ in millions)	Exploration and Evaluation		Mineral Properties		Land, Buildings, Plant and Equipment		Capitalized Production Stripping Costs		Construction In Progress		Total
At January 1, 2023
Cost	$	991	$	20,364	$	18,514	$	8,596	$	14,270	$	62,735
Accumulated depreciation	—		(7,074)		(10,218)		(5,348)		—		(22,640)
Net book value	$	991	$	13,290	$	8,296	$	3,248	$	14,270	$	40,095
Year ended December 31, 2023
Opening net book value	$	991	$	13,290	$	8,296	$	3,248	$	14,270	$	40,095
Additions	619		198		864		1,198		3,631		6,510
Disposals	(12)		(2)		(34)		—		(7)		(55)
Depreciation and amortization	—		(377)		(964)		(739)		—		(2,080)
Transfers between classifications (c)	—		324		13,787		—		(14,111)		—
Changes in decommissioning, restoration and other provisions	(7)		926		18		—		(6)		931
Capitalized borrowing costs (Note 11)	—		—		—		—		780		780
Changes in foreign exchange rates	(26)		(89)		(280)		(25)		(196)		(616)
Closing net book value	$	1,565	$	14,270	$	21,687	$	3,682	$	4,361	$	45,565
At December 31, 2023
Cost	$	1,565	$	20,693	$	32,532	$	9,738	$	4,361	$	68,889
Accumulated depreciation	—		(6,423)		(10,845)		(6,056)		—		(23,324)
Net book value	$	1,565	$	14,270	$	21,687	$	3,682	$	4,361	$	45,565
Year ended December 31, 2024
Opening net book value	$	1,565	$	14,270	$	21,687	$	3,682	$	4,361	$	45,565
Additions	315		1		533		846		1,447		3,142
Disposals	(7)		(4)		(50)		—		(2)		(63)
Change from the NSC/POSCO transaction (Note 5)	—		115		105		83		39		342
Sale of steelmaking coal business (Note 5)	—		(9,609)		(4,214)		(2,090)		(1,360)		(17,273)
Asset impairment	—		—		(961)		—		(54)		(1,015)
Depreciation and amortization	—		(396)		(1,459)		(586)		—		(2,441)
Transfers between classifications (c)	—		106		3,217		—		(3,323)		—
Changes in decommissioning, restoration and other provisions	—		39		(9)		—		—		30
Capitalized borrowing costs (Note 11)	—		—		—		—		66		66
Changes in foreign exchange rates	82		357		1,500		95		181		2,215
Closing net book value	$	1,955	$	4,879	$	20,349	$	2,030	$	1,355	$	30,568
At December 31, 2024
Cost	$	1,955	$	6,988	$	29,313	$	4,417	$	1,355	$	44,028
Accumulated depreciation	—		(2,109)		(8,964)		(2,387)		—		(13,460)
Net book value	$	1,955	$	4,879	$	20,349	$	2,030	$	1,355	$	30,568

17. Property, Plant and Equipment (continued)

a) Exploration and Evaluation

Significant exploration and evaluation projects in property, plant and equipment include the Highland Valley Copper Mine Life Extension, Aktigiruq-Anarraaq extension at Red Dog, Galore Creek, Zafranal, San Nicolás and NewRange.

b) Borrowing Costs

Borrowing costs are capitalized at a rate based on our weighted average cost of borrowing or at the rate of the project-specific debt, as applicable. Capitalized borrowing costs are classified with the asset they relate to within mineral properties, land, buildings, plant and equipment, or construction in progress. Our weighted average borrowing rate used for capitalization of borrowing costs in 2024 was 7.4% (2023 – 5.8%).

c) Transfers Between Classifications

Of the $14.1 billion in transfers in 2023, the largest component related to QB assets which became available for use in December of 2023. Of the $3.3 billion in transfers in 2024, the largest component related to QB assets which became available for use in May of 2024.