12.5 Assets and liabilities not recognised in the statement of financial position
The value of contingent assets and liabilities and other liabilities not recognised in the statement of financial position were determined based on estimates.
|
As at 31 December 2021 |
As at 31 December 2020 |
|
| Contingent assets | 509 | 532 |
| Guarantees received | 325 | 297 |
| Promissory notes receivables | 134 | 123 |
| Other | 50 | 112 |
| Note 8.6 Contingent liabilities | 466 | 1 349 |
| Note 8.6 Guarantees and letters of credit* | 179 | 1 055 |
| Promissory note payables | 173 | 171 |
| Property tax on underground mine workings | 47 | 55 |
| Other | 67 | 68 |
| Other liabilities not recognised in the statement of financial position | 99 | 100 |
| Liabilities towards local government entities due to expansion of the tailings storage facility | 99 | 100 |
*Decrease due to the expiry of the liability towards two beneficiaries:
Empressa Electrica Cochrane SPA – expired because Sierra Gorda S.C.M. achieved parameters defined in the agreement for the off-take of electricity between Sierra Gorda S.C.M. and the beneficiary of the letter of credit, which resulted in the expiry of the liability of Sierra Gorda S.C.M. to maintain collateral of the aforementioned agreement. The liability expired on 6 April 2021,
York Potash Ltd, London – expired because of the termination of the contract for design services and sinking four shafts along with associated infrastructure and equipment, entered into between DMC Mining Services (UK) Ltd. and DMC Mining Services Ltd. (companies of the KGHM INTERNATIONAL LTD. Group) and York Potash Ltd. The liability expired on 1 March 2021.
Empressa Electrica Cochrane SPA – expired because Sierra Gorda S.C.M. achieved parameters defined in the agreement for the off-take of electricity between Sierra Gorda S.C.M. and the beneficiary of the letter of credit, which resulted in the expiry of the liability of Sierra Gorda S.C.M. to maintain collateral of the aforementioned agreement. The liability expired on 6 April 2021,
York Potash Ltd, London – expired because of the termination of the contract for design services and sinking four shafts along with associated infrastructure and equipment, entered into between DMC Mining Services (UK) Ltd. and DMC Mining Services Ltd. (companies of the KGHM INTERNATIONAL LTD. Group) and York Potash Ltd. The liability expired on 1 March 2021.