| Detailed Information on Loans and Borrowings |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying value, including accrued interest | Description | | Currency | | Security | | Maturity (Months) | | Coupon rate | | Principal to be repaid | | December 31, 2025 | | December 31, 2024 | Senior Notes | | USD | | Unsecured | | 49 | | 6.50% | | $ | 400,000 | | | $ | 405,092 | | | $ | 404,152 | | Senior credit facility | | USD | | Secured | | 36 | | SOFR + 2.00% to 4.25% | | 155,000 | | | 154,706 | | | 134,212 | | Copper Prepayment Facility | | USD | | Secured | | 12 | | 8.66% | | 36,508 | | | 39,087 | | | 46,530 | | Equipment finance loans | | USD | | Secured | | 3 - 42 | | 6.16% - 8.35% | | 7,245 | | | 7,319 | | | 12,933 | | Equipment finance loans | | EUR | | Secured | | 2 - 6 | | 5.25% | | 167 | | | 168 | | | 544 | | Equipment finance loans | | BRL | | Unsecured | | 5 | | 16.63% | | 68 | | | 84 | | | 2,597 | | Bank loan | | BRL | | Unsecured | | 11 | | CDI + 0.50% | | 654 | | | 658 | | | 1,221 | | Total | | | | | | | | | | $ | 599,642 | | | $ | 607,114 | | | $ | 602,189 | | | | | | | | | | | | | | | | | Current portion | | | | | | | | | | | | $ | 55,711 | | | $ | 45,893 | | Non-current portion | | | | | | | | | | | | $ | 551,403 | | | $ | 556,296 | |
The movements in loans and borrowings are comprised of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2025 | | Year ended December 31, 2024 | | Senior Notes | Senior Credit Facility | Copper Prepayment Facility | Other | Consolidated | | Consolidated | Balance, beginning of year | $ | 404,152 | | $ | 134,212 | | $ | 46,530 | | $ | 17,295 | | $ | 602,189 | | | $ | 426,233 | | Proceeds from loans and borrowings | | 30,000 | | 25,000 | | 2,404 | | 57,404 | | | 214,565 | | Principal payments | — | | (10,000) | | (32,937) | | (11,803) | | (54,740) | | | (39,950) | | Interest payments | (26,000) | | (11,596) | | (4,128) | | (1,012) | | (42,736) | | | (32,166) | | Interest costs, including interest capitalized | 26,940 | | 12,090 | | 4,622 | | 835 | | 44,487 | | | 36,467 | | Deferred transaction costs | — | | — | | — | | — | | — | | | (2,143) | | | | | | | | | | Foreign exchange | — | | — | | — | | 510 | | 510 | | | (817) | | Balance, end of year | $ | 405,092 | | $ | 154,706 | | $ | 39,087 | | $ | 8,229 | | $ | 607,114 | | | $ | 602,189 | |
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