Non-Controlling Interests

Set out below is information about our subsidiaries with non-controlling interests and the non-controlling interest balances included in equity.



(CAD$ in millions)	Principal Place of Business	Percentage of Ownership Interest and Voting Rights Held by Non-Controlling Interest		December 31, 2019		December 31, 2018
Carmen de Andacollo	Region IV, Chile	10	%	$	29	$	32
Quebrada Blanca (a)(b)	Region I, Chile	40	%	634		10
Elkview Mine Limited Partnership	British Columbia, Canada	5	%	67		59
Compañía Minera Zafranal S.A.C.	Arequipa Region, Peru	20	%	40		33
				$	770	$	134


a)	During the year ended December 31, 2019, SMM/SC subscribed for a 30% indirect interest in QBSA (Note 5(a)). As a result, we recorded a non-controlling interest for SMM/SC’s interest in QBSA of $793 million on the date of the transaction.


b)	Quebrada Blanca

The following is the summarized financial information for Quebrada Blanca before intra-group eliminations. Quebrada Blanca has non-controlling interests that are considered material to our consolidated financial statements.



(CAD$ in millions)	December 31, 2019			December 31, 2018
Summarized balance sheet
Current assets	$	653		$	153
Current liabilities	512			204
Current net assets	141			(51		)
Non-current assets	6,628			4,952
Non-current liabilities	3,448			2,217
Non-current net assets	3,180			2,735
Net assets	$	3,321		$	2,684

Accumulated non-controlling interests	$	634		$	10

Summarized statement of comprehensive income (loss)
Revenue	$	170		$	224
Loss for the period	(120		)	(97		)
Other comprehensive income (loss)	(138		)	202
Total comprehensive income (loss)	$	(258	)	$	105

Loss allocated to non-controlling interests	$	(24	)	$	(12	)

Summarized cash flows
Cash flows from operating activities	$	(298	)	$	(33	)
Cash flows from investing activities	(1,255		)	(429		)
Cash flows from financing activities	2,076			464
Effect of exchange rates on cash and cash equivalents	(22		)	—
Net increase in cash and cash equivalents	$	501		$	2