Deferred income tax (Tables)

12 Months Ended

Dec. 31, 2024

Deferred income tax

Schedule of temporary difference, unused tax losses and unused tax credits

(a)

The Group recognizes the effects of timing differences between the accounting and tax basis. This caption is made up as follows:


						Credit (debit) to								Credit (debit) to
						consolidated								consolidated
				Credit (debit) to		statements of						Credit (debit) to		statements of
		As of		consolidated		other				As of		consolidated		other		As of
		January 1,		statement of profit		comprehensive				December 31,		statement of profit		comprehensive		December 31,
		2023		or loss		income		Others		2023		or loss		income		2024
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)

Deferred asset for income tax
Tax - loss carryforwards		189,959		11		—		—		189,970		(40,268)		—		149,702
Difference in depreciation and amortization rates		42,792		1,633		—		—		44,425		6,562		—		50,987
Provision for closure of mining units, net		28,691		3,887		—		—		32,578		(3,573)		—		29,005
Provision for impairment of value of inventory		8,754		1,831		—		—		10,585		(1,270)		—		9,315
Contingent consideration liability		4,999		1,392		—		—		6,391		2,003		—		8,394
Provision for bonuses to employees and officers		2,972		(494)		—		—		2,478		(593)		—		1,885
Impairment loss of long-lived assets provision		1,930		—		—		—		1,930		—		—		1,930
Contractors claims provisions		1,136		(765)		—		—		371		1,020		—		1,391
Other		11,698		(1,065)		—		—		10,633		4,818		211		15,662
		292,931		6,430		—		—		299,361		(31,301)		211		268,271
Deferred assets for mining royalties and special mining tax		51		(42)		—		—		9		(10)		1		—

Total deferred asset		292,982		6,388		—		—		299,370		(31,311)		212		268,271


Deferred liability for income tax
Effect of translation into U.S. dollars		(58,871)		11,222		—		—		(47,649)		(7,833)		—		(55,482)
Differences in amortization rates for development costs		(65,960)		(9,148)		—		—		(75,108)		(11,230)		—		(86,338)
Difference in depreciation and amortization rates		(59,622)		14,355		—		—		(45,267)		1,541		—		(43,726)
Fair value of mining concessions		(14,898)		6		—		—		(14,892)		—		—		(14,892)
Withdrawal of the sale of Contacto Corredores de Seguros S.A. investment		—		—		—		(1,220)		(1,220)		1,220		—		—
Other		(17,087)		3,328		—		—		(13,759)		(5,590)		—		(19,349)
		(216,438)		19,763		—		(1,220)		(197,895)		(21,892)		—		(219,787)

Derivative financial instruments		(2,608)		—		2,608		—		—		—		—		—
		(219,046)		19,763		2,608		(1,220)		(197,895)		(21,892)		—		(219,787)
Deferred liability for mining royalties and special mining tax		(187)		161		—		—		(26)		155		—		129

Total deferred liability		(219,233)		19,924		2,608		(1,220)		(197,921)		(21,737)		—		(219,658)

Deferred income tax asset, net		73,749		26,312		2,608		(1,220)		101,449		(53,048)		212		48,613

Schedule of detailed information about net deferred tax asset


		2024		2023
		US$(000)		US$(000)

Deferred income tax asset, net		91,677		131,863
Deferred income tax liability, net		(43,064)		(30,414)

		48,613		101,449

Schedule of detailed information about provision for income taxes

(c)

The following is the composition of the provision for income taxes shown in the consolidated statement of income for the years 2024, 2023 and 2022:


		2024		2023		2022
		US$(000)		US$(000)		US$(000)

Income tax expense
Current		(88,485)		(63,782)		(12,091)
Deferred		(53,203)		26,193		15,449
		(141,688)		(37,589)		3,358
Mining Royalties and Special Mining Tax
Current		(14,631)		(5,524)		(3,542)
Deferred		155		119		143
		(14,476)		(5,405)		(3,399)

Total income tax		(156,164)		(42,994)		(41)

Schedule of reconciliation of accounting profit multiplied by applicable tax rates

(d)

Below is a reconciliation of income tax expense and the accounting profit before income tax multiplied by the statutory tax rate for the years 2024, 2023 and 2022:


		2024		2023		2022
		US$(000)		US$(000)		US$(000)

Profit before income tax		573,449		82,524		124,429
Profit (loss) from discontinued operations before income tax		(1,022)		(6,848)		564,708

Profit before income tax		572,427		75,676		689,137

Theoretical income tax expense		(168,866)		(22,324)		(203,295)

Permanent items and others:
Share in the results of associates and joint venture (e)		56,005		44,906		52,000
Effect of translation into U.S. dollars		(7,794)		11,222		20,153
Exchange rate effect of permanent items		(7,463)		(15,821)		(14,051)
Liability related to the tax claim of the years 2009-2010, note 31(d)		—		(20,075)		—
Other claim penalties		(430)		—		—
Non-deductible work-in-process write – off		—		—		(4,839)
Income tax from previous years		(2,328)		—		(1,982)
Mining royalties and special mining tax		(1,240)		(554)		(837)
Investment in associate available for sale		—		—		83,192
Non-deductible expenses		58		10,928		(13,144)
Non-deductible deferred tax for striping cost		(6,289)		—		—
Income tax (expense) benefit		(138,347)		8,282		(82,803)
Higher income tax paid by order of the Tax Administration for the year 2014		(3,823)		—		—
Income tax of tax claim, note 31(d)		—		(45,126)		—
Mining Royalties and Special Mining Tax		(13,994)		(6,150)		(3,399)
Total income tax expense		(156,164)		(42,994)		(86,202)

Income tax from continuing operations		(156,164)		(42,994)		(41)
Income tax from discontinued operations		—		—		(86,161)
		(156,164)		(42,994)		(86,202)