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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Abstract]  
Summary of Principal Payments
($ in millions)December 31, 2024December 31, 2023
 Face
Value
(US$)		Fair
Value
(CAD$)		Carrying
Value
(CAD$)		Face
Value
(US$)		Fair
Value
(CAD$)		Carrying
Value
(CAD$)
3.9% notes due July 2030 (a)
$143 $196 $204 $503 $621 $658 
6.125% notes due October 2035 (a)
187 273 266 336 467 439 
6.0% notes due August 2040 (a)
194 273 278 473 642 624 
6.25% notes due July 2041 (a)
245 350 349 396 544 519 
5.2% notes due March 2042 (a)
167 212 237 395 488 516 
5.4% notes due February 2043 (a)
108 141 154 367 466 481 
1,044 1,445 1,488 2,470 3,228 3,237 
QB project financing facility (b)
1,912 2,847 2,719 2,206 2,979 2,873 
Carmen de Andacollo short-term
   loans (c)		— — — 95 126 126 
Antamina loan agreement (d)
225 324 324 225 298 298 
$3,181 $4,616 $4,531 $4,996 $6,631 $6,534 
Less current portion of debt(294)(423)(423)(389)(515)(515)
$2,887 $4,193 $4,108 $4,607 $6,116 $6,019 
24. QB Advances from SMM/SC

In conjunction with the subscription arrangement with SMM/SC in 2019, QBSA entered into a subordinated loan facility agreement with SMM/SC to advance QBSA up to US$1.3 billion. QBSA subsequently entered into four additional subordinated loan facility agreements with SMM/SC to advance QBSA an additional US$2.0 billion. The four additional subordinated loan facilities contain similar terms to the original subordinated loan facility. The advances for all five facility agreements are due to be repaid in full at maturity on January 15, 2038. Amounts outstanding under the facilities bear interest at Term SOFR plus applicable margins that vary over time. As at December 31, 2024, US$3.1 billion was outstanding and US$141 million remained undrawn.
24. QB Advances from SMM/SC (continued)

($ in millions)December 31, 2024December 31, 2023
 Face
Value
(US$)		Fair
Value
(CAD$)		Carrying
Value
(CAD$)		Face
Value
(US$)		Fair
Value
(CAD$)		Carrying
Value
(CAD$)
QB advances from SMM/SC
$3,136 $4,707 $4,483 $2,661 $3,589 $3,497 
Summary of Maturity Analysis for Non-Derivative Financial Liabilities
At December 31, 2024, scheduled principal payments during the next five years and thereafter are as follows:

($ in millions)US$CAD$
Equivalent
2025$294 $423 
2026519 747 
2027294 423 
2028294 423 
2029294 423 
Thereafter1,486 2,138 
$3,181 $4,577 
Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2024 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
$2,576 $— $— $— $2,576 
Debt (Note 22(f))
423 1,170 846 2,138 4,577 
Lease liabilities175 248 916 216 1,555 
Codelco preferential dividend liability
— — 494 219 713 
QB advances from SMM/SC
— — — 4,512 4,512 
QB variable consideration to IMSA
72 68 — — 140 
Other liabilities— 198 11 12 221 
Estimated interest payments on debt267 372 242 806 1,687 
Estimated interest payments on QB advances
   from SMM/SC
372 700 600 682 2,354 
Estimated interest payments on lease and other
   liabilities		6 7 27 6 46 
Downstream pipeline take-or-pay toll
   commitment		33 70 75 248 426 
$3,924 $2,833 $3,211 $8,839 $18,807 
Summary of Debt Continuity Debt Continuity
($ in millions)US$CAD$ Equivalent
 2024202320242023
At January 1
$4,940 $5,292 $6,534 $7,167 
Cash flows
Proceeds from debt56 170 77 230 
Redemption, purchase or repayment of debt(1,870)(530)(2,544)(710)
Non-cash changes
Gain on debt redemption or purchase
(4)— (5)— 
Changes in foreign exchange rates— — 458 (164)
Finance fees, discount amortization and other27 8 11 11 
At December 31
$3,149 $4,940 $4,531 $6,534 
QB Advances from SMM/SC Carrying Value Continuity
($ in millions)US$CAD$ Equivalent
 2024202320242023
At January 1
$2,644 $1,683 $3,497 $2,279 
Cash flows
Advances471 960 652 1,292 
Non-cash changes
Finance fee amortization1 1 1 1 
Changes in foreign exchange rates— — 333 (75)
At December 31
$3,116 $2,644 $4,483 $3,497