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Financial Instruments and Financial Risk Management (Tables)
 12 Months Ended
Dec. 31, 2024
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,
2024		December 31,
2023
Cash and cash equivalents$4,019 $59 
Trade and settlement receivables524 1,145 
Trade accounts payable and other liabilities(877)(743)
Debt (Note 22)
(1,044)(2,470)
Reduced by: Debt designated as a hedging instrument in our net investment hedge— 2,334 
Net U.S. dollar exposure$2,622 $325 
The table below outlines our outstanding settlement receivables and payables, which were provisionally valued at December 31, 2024 and December 31, 2023.
 
Outstanding at December 31, 2024Outstanding at December 31, 2023
Volume
(pounds in millions)
Price
(US$/lb.)
Volume
(pounds in millions)
Price
(US$/lb.)
Receivable positions
Copper
178 3.97127 
3.87
Zinc
141 1.34167 
1.20
Lead
57 0.8817 
0.94
Payable positions
Zinc
84 1.34121 1.20
Lead
32 0.8815 
0.94
Schedule 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 
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, 2024 and December 31, 2023. There is no effect on other comprehensive income.

Price on December 31,
(US$/lb.)
Change in Profit
Attributable to Shareholders (CAD$ in millions)

2024202320242023
Copper
3.97
3.87
$52 $37 
Zinc
1.34
1.20
$1 $(1)
The table below outlines our outstanding settlement receivables and payables, which were provisionally valued at December 31, 2024 and December 31, 2023.
 
Outstanding at December 31, 2024Outstanding at December 31, 2023
Volume
(pounds in millions)
Price
(US$/lb.)
Volume
(pounds in millions)
Price
(US$/lb.)
Receivable positions
Copper
178 3.97127 
3.87
Zinc
141 1.34167 
1.20
Lead
57 0.8817 
0.94
Payable positions
Zinc
84 1.34121 1.20
Lead
32 0.8815 
0.94
Schedules of Risks Arising from Financial Instruments
The fair value of our commodity swaps is calculated based on forward metal prices and is considered a Level 2 fair value measurement with significant observable inputs on the fair value hierarchy (Note 35). A summary of these derivative contracts and related fair values as at December 31, 2024 is as follows:

Derivatives not designated as
hedging instruments
Quantity (million lbs.)
Average Price
of Purchase
Commitments (US$/lb.)
Average Price
of Sale
Commitments (US$/lb.)
Fair Value
Asset (Liability)
(CAD$ in millions)
Zinc swaps
250
1.35
1.34
$(9)
Copper swaps
47
3.93
4.03
$9 
Lead swaps
83
0.91
0.89
$(6)
$(6)

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)
 20242023
Zinc swaps
$(8)$(23)
Lead swaps
(4)(9)
Copper swaps
27 (1)
Settlement receivables and payables (Note 10)
65 7 
Contingent zinc escalation payment embedded derivative
1 5 
Gold stream embedded derivative
51 12 
Silver stream embedded derivative
22 4 
QB variable consideration to IMSA (Note 12(a))
(7)(4)
$147 $(9)