| Reconciliation between net income and shareholders' equity determined under IFRS and U.S. GAAP |
24. Reconciliation between net income and shareholders’ equity determined under IFRS accounting standards and U.S. GAAP The following is a summary of the main adjustments to net income for the years ended December 31, 2024, 2023 and 2022 and to shareholders’ equity as of December 31, 2024, 2023 and 2022 that would be required if U.S. GAAP had been applied instead of IFRS accounting standards in the financial statements: | | | | | | | | | 2024 | | 2023 | | 2022 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Net profit under IFRS accounting standards | | 953,177 | | 778,964 | | 925,353 | Items increasing (decreasing) reported net profit: | | | | | | | Stripping activity asset, net of amortization, note 23(a) | | (121,538) | | (210,244) | | (170,012) | Inventories valuation, note 23(b) | | 41,381 | | (12,728) | | (1,077) | Remediation and mine closure, note 23(e) | | 781 | | 996 | | (485) | Deferred workers’ profit sharing, note 23(c) | | 17,303 | | 25,746 | | (1,244) | Lease activity | | 5 | | 412 | | 767 | Deferred income tax, note 23(d) | | 16,887 | | 71,534 | | 62,941 | Mine equipment main components, note 23(f) | | (9,750) | | (8,824) | | (11,089) | Water truck conversion 23(g) | | (6,554) | | 348 | | (7,769) | Other | | (3,061) | | (3,441) | | (1,911) | | | | | | | | Net income under U.S. GAAP | | 888,631 | | 642,763 | | 795,474 |
| | | | | | | | | 2024 | | 2023 | | 2022 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Shareholders’ equity under IFRS accounting standards | | 6,783,485 | | 6,680,374 | | 6,651,427 | Items increasing (decreasing) reported shareholder’s equity: | | | | | | | Stripping activity asset, net of amortization, note 23(a) | | (870,052) | | (748,514) | | (538,270) | Inventories valuation, note 23(b) | | (213,962) | | (255,343) | | (242,615) | Remediation and mine closure, note 23(e) | | (4,336) | | (5,117) | | (6,113) | Deferred workers’ profit sharing, note 23(c) | | (17,861) | | (35,164) | | (60,910) | Lease activity | | 6,041 | | 6,036 | | 5,624 | Deferred income tax, note 23(d) | | 382,701 | | 365,814 | | 294,280 | Mine equipment main components, note 23(f) | | (56,775) | | (47,025) | | (38,201) | Water truck conversion 23(g) | | (13,975) | | (7,421) | | (7,769) | Stock-based compensation | | (10,724) | | (10,790) | | (10,807) | Other | | (8,354) | | (5,293) | | (1,853) | | | | | | | | Shareholders’ equity under U.S. GAAP | | 5,976,188 | | 5,937,557 | | 6,044,793 |
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