| Intangible assets |
7. Intangible assets Changes in the carrying amount of intangible assets during the years ended December 31 are as follows: | | | | | | | | | | | | | | | | | For the year ended 31 December 2025 | | | | | | | | | | | Greenhouse | | Other | | | | | Development | | Power Supply | | | | Computer | | gasses | | Intangible | | | | | Expenditure | | Agreements | | Rights of Use | | Software | | (Co2) | | Assets | | Total | | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | Acquisition cost: | | | | | | | | | | | | | | | Balance at January 1, 2025 | | 51,221 | | 37,836 | | 13,105 | | 12,757 | | 90,563 | | 6,910 | | 212,392 | Additions | | 972 | | — | | — | | 1,209 | | 89,022 | | — | | 91,203 | Disposals | | (40,317) | | — | | — | | (196) | | (73,050) | | (3,493) | | (117,056) | Transfers from/(to) other accounts | | 542 | | — | | — | | — | | — | | — | | 542 | Exchange differences | | 6,573 | | — | | 315 | | 1,147 | | 11,248 | | 634 | | 19,917 | Balance at December 31, 2025 | | 18,991 | | 37,836 | | 13,420 | | 14,917 | | 117,783 | | 4,051 | | 206,998 | | | | | | | | | | | | | | | | Accumulated depreciation (Note 27.6): | | | | | | | | | | | | | | | Balance at January 1, 2025 | | (34,424) | | (37,836) | | (11,996) | | (5,014) | | — | | (4,800) | | (94,070) | Depreciation and amortization for the period | | (706) | | — | | — | | (1,210) | | — | | — | | (1,916) | Disposals | | 32,148 | | — | | — | | 73 | | — | | 2,249 | | 34,470 | Transfers from/(to) other accounts | | 15 | | — | | — | | — | | — | | 6 | | 21 | Exchange differences | | (4,366) | | — | | (315) | | (159) | | — | | (361) | | (5,201) | Balance at December 31, 2025 | | (7,333) | | (37,836) | | (12,311) | | (6,310) | | — | | (2,906) | | (66,696) | | | | | | | | | | | | | | | | Impairment (Note 27.8): | | | | | | | | | | | | | | | Balance at January 1, 2025 | | (13,008) | | — | | (1,109) | | — | | — | | (1,110) | | (15,227) | Impairment losses for the period | | — | | — | | — | | — | | — | | — | | — | Disposals | | 8,169 | | — | | — | | | | | | 1,244 | | 9,413 | Transfers from/(to) other accounts | | — | | — | | — | | | | | | — | | — | Exchange differences | | (1,672) | | — | | — | | — | | — | | (134) | | (1,806) | Balance at December 31, 2025 | | (6,511) | | — | | (1,109) | | — | | — | | — | | (7,620) | | | | | | | | | | | | | | | | Carrying amount at December 31, 2025 | | 5,147 | | — | | — | | 8,607 | | 117,783 | | 1,145 | | 132,682 |
| | | | | | | | | | | | | | | | | For the year ended 31 December 2024 | | | | | | | | | | | Greenhouse | | Other | | | | | Development | | Power Supply | | | | Computer | | gasses | | Intangible | | | | | Expenditure | | Agreements | | Rights of Use | | Software | | (CO2) | | Assets | | Total | | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | Acquisition cost: | | | | | | | | | | | | | | | Balance at January 1, 2024 | | 53,590 | | 37,836 | | 13,329 | | 10,396 | | 128,176 | | 7,380 | | 250,707 | Additions | | 664 | | — | | — | | 2,750 | | 60,326 | | — | | 63,740 | Disposals | | — | | — | | — | | — | | (90,112) | | — | | (90,112) | Transfers from/(to) other accounts | | 328 | | — | | (31) | | — | | — | | (297) | | — | Exchange differences | | (3,361) | | — | | (193) | | (389) | | (7,827) | | (173) | | (11,943) | Balance at December 31, 2024 | | 51,221 | | 37,836 | | 13,105 | | 12,757 | | 90,563 | | 6,910 | | 212,392 | | | | | | | | | | | | | | | | Accumulated depreciation (Note 27.6): | | | | | | | | | | | | | | | Balance at January 1, 2024 | | (36,353) | | (37,836) | | (12,142) | | (5,076) | | — | | (4,679) | | (96,086) | Depreciation and amortization for the period | | (229) | | — | | — | | (27) | | — | | (218) | | (474) | Exchange differences | | 2,158 | | — | | 146 | | 89 | | — | | 97 | | 2,490 | Balance at December 31, 2024 | | (34,424) | | (37,836) | | (11,996) | | (5,014) | | — | | (4,800) | | (94,070) | | | | | | | | | | | | | | | | Impairment (Note 27.8): | | | | | | | | | | | | | | | Balance at January 1, 2024 | | (13,991) | | — | | (1,187) | | — | | — | | (1,098) | | (16,276) | Impairment losses for the period | | — | | — | | — | | — | | — | | — | | — | Exchange differences | | 983 | | — | | 78 | | — | | — | | (12) | | 1,049 | Balance at December 31, 2024 | | (13,008) | | — | | (1,109) | | — | | — | | (1,110) | | (15,227) | | | | | | | | | | | | | | | | Carrying amount at December 31, 2024 | | 3,789 | | — | | — | | 7,743 | | 90,563 | | 1,000 | | 103,095 |
Development expenditures: For the years ended December 31, 2025 and 2024, the Company invested $972 thousand and $664 thousand, respectively, in Research and Development (R&D) projects. For the year ended December 31, 2025, the Company recorded disposals of certain capitalized development assets related to R&D projects, which were fully impaired in prior periods. Computer software: For the years ended December 31, 2025 and 2024, the Company invested $1,209 thousand and $2,750 thousand, respectively, in the development of new IT systems and cybersecurity. Greenhouse gas rights: As of December 31, 2025 and 2024, greenhouse gas rights primarily relate to the acquisition, use and expiration of rights held to emit greenhouse gasses by certain European and Canadian subsidiaries (see Note 4.21). For the year ended December 31, 2025 and 2024, the Company did not purchase or sell rights to emit greenhouse gasses, respectively. The additions relate to allowances granted. As of December 31, 2024, the Company had certain intangible assets related to rights held to emit greenhouse gasses pledged as collateral for other financial liabilities. As of December 31, 2025 these intangible assets were no longer pledged, as the related, underlying financial liability was fully repaid during the year (see Note 20).
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