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-31644000 550000 1577000 -728000 -1409000 -118000 -65000 P100Y 0.0163 0.0193 P50Y P100Y 0.0286 0.0305 0.0149 0.0142 <div> <p style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:ARIAL"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><strong>25. 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The timeframe and manner in which the Company manages these risks varies based upon management's assessment of the risk and available alternatives for mitigating risk. The Board approves and monitors risk management processes, including treasury policies, counterparty limits, controlling and reporting structures.</span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><i>(b) Market risk </i></span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span>Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: commodity price risk; interest rate risk; and currency risk. Financial instruments affected by market risk include: cash and equivalents; accounts receivable; marketable securities; subscription receipts; reclamation deposits; accounts payable and accrued liabilities; debt and derivatives.</span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span>The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Company buys copper put options in order to reduce commodity price risk. The derivative instruments employed by the Company are considered to be economic hedges but are not designated as hedges for accounting purposes.</span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-size:8pt">&#160;</p> </div> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p> <p style="margin-top:0pt;margin-bottom:0pt;font-size:8pt">&#160;</p> <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><i>Commodity price risk </i></span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span>The Company is exposed to the risk of fluctuations in prevailing market commodity prices on the metals it produces. The Company enters into copper put option contracts to reduce the risk of short-term copper price volatility. The amount and duration of the hedge position is based on an assessment of business-specific risk elements combined with the copper pricing outlook. Copper put option contracts are typically extended adding incremental quarters at established put strike prices to provide the necessary price protection.</span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span>Provisional pricing mechanisms embedded within the Company's sales arrangements have the character of a commodity derivative and are carried at fair value as part of accounts receivable. 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At December&#160;31, 2020, 20&#160;million (2019: 22 million) pounds of copper in concentrate were exposed to copper price movements. The closing exchange rate at December&#160;31, 2020&#160;of CAD/USD 1.27 (2019: 1.30) was used in the analysis.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p> </div> </div> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span>The sensitivities in the above tables have been determined with foreign currency exchange rates held constant. The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange can impact commodity prices. The sensitivities should therefore be used with care.</span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><i>Interest rate risk </i></span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span>The Company is exposed to interest rate risk on its outstanding debt and investments, including cash and cash equivalents, from the possibility that changes in market interest rates will affect future cash flows or the fair value of fixed-rate interest-bearing financial instruments.</span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span>The table below summarizes the impact on earnings after tax and equity for a change of 100 basis points in interest rates at the reporting date. 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style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right">&#160;</td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><strong>Fair value sensitivity for fixed-rate instruments</strong></span></span></span></span></span></span></span></span></td> <td style="vertical-align:bottom;text-align:right">&#160;</td> <td style="vertical-align:bottom;text-align:right">&#160;</td> <td style="vertical-align:bottom;text-align:right">&#160;</td> <td style="vertical-align:bottom;text-align:right">&#160;</td> <td style="vertical-align:bottom;text-align:right">&#160;</td> <td style="vertical-align:bottom;text-align:right">&#160;</td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New 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obligations</span></span></span></span></span></span></span></span></td> <td style="vertical-align:bottom;width:1%;background-color:rgb(230, 239, 255)">&#160;</td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>(83</span></span></span></span></span></span></span></span></td> <td style="vertical-align:bottom;width:2%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>)</span></span></span></span></span></span></span></span></td> <td style="vertical-align:bottom;width:1%;background-color:rgb(230, 239, 255)">&#160;</td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New 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The Company's potential currency exposures comprise translational exposure in respect of <span style="white-space:nowrap">non-functional</span> currency monetary items, and transactional exposure in respect of <span style="white-space:nowrap">non-functional</span> currency revenues and expenditures.</span></span></span></span></span></span></span></span></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span>The following table demonstrates the sensitivity to a 10% strengthening in the CAD against the USD. With all other variables held constant, the Company's shareholders equity and earnings after tax would both increase/(decrease) due to changes in the carrying value of monetary assets and liabilities. 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style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:0.75pt solid #000000">&#160;</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right">&#160;</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><strong>2020</strong></span></span></span></span></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right">&#160;</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right">&#160;</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><strong>2019</strong></span></span></span></span></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid 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These instruments are non-hedge derivative instruments.</span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><i>Financial liabilities </i></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span style="color:rgb(0, 0, 0);font-style:normal;font-weight:400"><span style="color:#1a171b">Financial liabilities are initially recorded at fair value, net of transaction costs, and are subsequently measured at amortized cost using the effective interest method.&#160; The Company has accounted for accounts payable and accrued liabilities and long-term debt under this method.</span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><i>Fair value measurement </i></span></span></span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any.&#160; These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, exploration potential and operating performance.&#160;</span></span></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:ARIAL;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">The recoverable amount of an asset or cash generating unit (CGU) is the higher of fair value less costs of disposal&#160; and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's-length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre&#x2010;tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. 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In assessing value in use, the estimated future cash flows are discounted to their present value using a pre&#x2010;tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. 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