Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Statements [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Trading Symbol | akg |
Entity Registrant Name | Asanko Gold Inc. |
Entity Central Index Key | 0001377757 |
Current Fiscal Year End Date | --12-31 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 225,804,614 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Revenue | $ 161,918 | $ 256,203 |
Cost of sales: | ||
Production costs | (79,008) | (116,628) |
Depreciation and depletion | (41,944) | (64,153) |
Royalties | (8,096) | (12,810) |
Total cost of sales | (129,048) | (193,591) |
Income from mine operations | 32,870 | 62,612 |
Share of net loss related to joint venture | (1,050) | |
Service fee earned as operators of joint venture | 1,892 | |
Exploration and evaluation expenditures | (2,333) | (2,050) |
General and administrative expenses | (11,660) | (12,590) |
Income from operations and joint venture | 19,719 | 47,972 |
Loss due to loss of control of subsidiaries | (143,261) | |
Finance expense | (10,737) | (17,810) |
Finance income | 5,555 | 609 |
Foreign exchange gain (loss) | 20 | (383) |
Income (loss) before income taxes | (128,704) | 30,388 |
Current income tax expense | (1,079) | (1,301) |
Deferred income tax expense | (11,430) | (22,774) |
Net income (loss) and comprehensive income (loss) for the year | (141,213) | 6,313 |
Net income (loss) attributable to: | ||
Common shareholders of the Company | (141,372) | 5,776 |
Non-controlling interest | 159 | 537 |
Net income (loss) for the year | $ (141,213) | $ 6,313 |
Earnings (loss) per share attributable to common shareholders: | ||
Basic (in dollars per share) | $ (0.64) | $ 0.03 |
Diluted (in dollars per share) | $ (0.64) | $ 0.03 |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 220,108,770 | 203,333,111 |
Diluted (in shares) | 220,108,770 | 204,394,452 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 10,358 | $ 49,330 |
Receivables | 236 | 2,125 |
Receivable due from related party | 2,328 | |
Inventories | 33,887 | |
Prepaid expenses and deposits | 180 | 3,468 |
VAT receivable | 5,070 | |
Total current assets | 13,102 | 93,880 |
Non-current assets | ||
Inventories | 2,245 | |
Reclamation deposit | 1,837 | |
Preferred shares | 173,135 | |
Interest in Joint Venture | 126,264 | |
Exploration and evaluation assets | 13,085 | |
Mineral properties, plant and equipment | 114 | 597,738 |
Total non-current assets | 299,513 | 614,905 |
Total assets | 312,615 | 708,785 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,473 | 47,916 |
Current portion of long-term debt | 36,451 | |
Total current liabilities | 3,473 | 84,367 |
Non-current liabilities | ||
Long-term debt | 119,240 | |
Long-term incentive plan liability | 300 | |
Asset retirement provisions | 30,790 | |
Deferred income tax liability | 41,781 | |
Total non-current liabilities | 300 | 191,811 |
Total liabilities | 3,773 | 276,178 |
Common shareholders' equity | ||
Share capital | 578,853 | 561,441 |
Equity reserves | 49,261 | 48,326 |
Accumulated deficit | (319,272) | (177,900) |
Total common shareholders' equity | 308,842 | 431,867 |
Non-controlling interest | 740 | |
Total equity | 308,842 | 432,607 |
Total liabilities and equity | $ 312,615 | $ 708,785 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share capital [Member] | Equity reserves [Member] | Accumulated deficit [Member] | Non-controlling interest [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 556,256 | $ 46,613 | $ (183,676) | $ 203 | $ 419,396 |
Beginning Balance (shares) at Dec. 31, 2016 | 201,829,207 | ||||
Issuance of common shares for: | |||||
Exercise of share-based options | 5,185 | (1,613) | $ 3,572 | ||
Exercise of share-based options (shares) | 1,620,750 | ||||
Share-based payments | 3,326 | $ 3,326 | |||
Net income and comprehensive income for the period | 5,776 | 537 | 6,313 | ||
Ending Balance at Dec. 31, 2017 | 561,441 | 48,326 | (177,900) | 740 | $ 432,607 |
Ending Balance (shares) at Dec. 31, 2017 | 203,449,957 | ||||
Issuance of common shares for: | |||||
Private placement, net of share issuance costs | 17,412 | $ 17,412 | |||
Private placement, net of share issuance costs (shares) | 22,354,657 | ||||
Share-based payments | 935 | $ 935 | |||
Net income and comprehensive income for the period | (141,372) | 159 | (141,213) | ||
Derecognition of non-controlling interest on loss of control | $ (899) | (899) | |||
Ending Balance at Dec. 31, 2018 | $ 578,853 | $ 49,261 | $ (319,272) | $ 308,842 | |
Ending Balance (shares) at Dec. 31, 2018 | 225,804,614 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | ||
Net (loss) income for the year | $ (141,213) | $ 6,313 |
Adjustments for: | ||
Depreciation and depletion | 41,991 | 64,208 |
Loss due to loss of control of subsidiaries | 143,261 | |
Share of net loss related to joint venture | 1,050 | |
Finance expense | 10,737 | 17,810 |
Interest and other income | (5,555) | (609) |
Deferred income tax expense | 11,430 | 22,774 |
Share-based payments | 1,645 | 2,720 |
Unrealized foreign exchange loss (gain) | (48) | 194 |
Operating cash flow before working capital changes | 63,298 | 113,410 |
Change in non-cash working capital | (29,869) | 9,828 |
Cash provided by operating activities | 33,429 | 123,238 |
Investing activities: | ||
Expenditures on mineral properties, plant and equipment | (53,912) | (123,815) |
Gold Fields investment in joint venture | 165,000 | |
Joint venture transaction costs paid | (4,795) | |
Cash and cash equivalents derecognized on loss of control | (24,368) | |
Interest received | 383 | 464 |
Cash provided by (used in) in investing activities | 82,308 | (123,351) |
Financing activities: | ||
Shares issued for cash, net of share issuance costs | 17,412 | 3,572 |
Repayment of long-term debt | (163,754) | |
Interest and associated withholding tax paid | (8,299) | (13,623) |
Cash used in financing activities | (154,641) | (10,051) |
Impact of foreign exchange on cash and cash equivalents | (68) | (181) |
Change in cash and cash equivalents during the year | (38,972) | (10,345) |
Cash and cash equivalents, beginning of year | 49,330 | 59,675 |
Cash and cash equivalents, end of year | $ 10,358 | $ 49,330 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Nature of operations [Text Block] | 1. Nature of operations Asanko Gold Inc. (“Asanko” or the “Company”) was incorporated on September 23, 1999 under the laws of British Columbia, Canada, with its head office, principal address and registered and records office located at 1066 West Hastings Street, Suite 680, Vancouver, British Columbia, V6E 3X2, Canada. The Company’s principal business activity is the exploration and development of mineral property interests and operation of the Asanko Gold Mine (“AGM”) through a 50:50 joint venture arrangement (the “JV”) associated with the Company’s previously held 90% economic interest in the AGM (see Gold Fields Transaction below). The Government of Ghana has a 10% free-carried interest in the AGM. The AGM consists of two neighboring gold projects, the Obotan Project and the Esaase Project, both located in the Amansie West District of the Republic of Ghana (“Ghana”), West Africa. In addition to its interest in the AGM, the Company’s interest in the JV also includes a 50% interest in a portfolio of other Ghanaian gold concessions in various stages of exploration. Gold Fields Transaction On March 29, 2018, the Company entered into certain definitive agreements (the “JV Transaction”) with a subsidiary of Gold Fields Limited (“Gold Fields”) pursuant to which, among other things: the Company and Gold Fields each own a 45% economic interest in Asanko Gold Ghana Limited (“AGGL”), the former Asanko subsidiary that owns the AGM, with the Government of Ghana retaining a 10% free-carried interest in the AGM; the Company and Gold Fields each own a 50% interest in Adansi Gold Company Ghana Limited (“Adansi Ghana”), the former Asanko subsidiary that owns a number of exploration licenses; and the Company and Gold Fields each acquired a 50% interest in a newly formed entity (“JV Finco”). On June 20, 2018, the Company received approval of the JV Transaction from the Ghanaian Minister of Lands and Natural Resources and the JV Transaction closed on July 31, 2018 (note 6). Concurrent with the closing of the JV Transaction, AGGL used the consideration received from the JV Transaction to repay in full all outstanding principal and accrued interest ($163.8 million) owing to Red Kite (see note 16). There were no early repayment penalties associated with the Red Kite debt. Red Kite’s gold offtake agreement remains in effect until all outstanding ounces have been delivered to Red Kite or AGGL elects to terminate the offtake and pay the associated fee. In addition to the $185.0 million consideration (note 6), Gold Fields purchased a 9.9% interest in the common shares of the Company via a private placement on April 4, 2018. Gold Fields purchased 22,354,657 common shares of the Company at $0.79 per common share, equal to the 5-day volume-weighted average price as of market close on March 27, 2018, for gross proceeds of $17.6 million (see note 18(c)). In connection with the JV Transaction, the Company finalized the terms of the associated Joint Venture Agreement (the “JVA”) that governs the management of the JV, in July 2018. Under the terms of the JVA, the Company remains the manager and operator of the JV and receives an arm’s length fee for services rendered to the JV of $6.0 million per annum. A management committee has been formed, with equal representation from both Asanko and Gold Fields, to govern the operating and development activities of the JV. The JVA therefore established joint control of the JV and the Company no longer controls the AGM and associated properties (see notes 6 and 22). As the JV is structured within the legal entities of AGGL and Adansi Ghana, the JV represents a joint venture as defined under IFRS 11 – Joint Arrangements, and the Company commenced equity accounting for its interest in the JV effective July 31, 2018, the date on which the JV Transaction was completed. At this date, the Company derecognized all the assets and liabilities of its former Ghanaian subsidiaries, as well as the carrying amount of previously recognized non -controlling interests in AGGL . Concurrent with the closing of the JV Transaction, the Company recognized the fair value of the consideration received from Gold Fields, as well as the fair value of the investment that the Company retained in the JV . Based on the fair value of the Company’s retained interest in the JV, the Company recognized a loss associated with the loss of control of AGGL and Adansi Ghana (see note 6). |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Basis of presentation [Text Block] | 2. Basis of presentation (a) Statement of compliance These consolidated financial statements have been prepared using accounting policies in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). These consolidated financial statements were authorized for issue and approved by the Board of Directors on February 12, 2019. (b) Basis of presentation and consolidation The financial statements have been prepared on the historical cost basis. All amounts are expressed in thousands of United States dollars, unless otherwise noted, and the United States dollar is the functional currency of the Company and each of its subsidiaries and joint ventures. References to C$ are to Canadian dollars. These consolidated financial statements incorporate the financial statements of the Company and its subsidiaries as at December 31, 2018. Subsidiaries are entities controlled by the Company. Control exists when the Company has power, directly or indirectly, to govern the financial and operating policies of an entity as to obtain benefits from its activities. Subsidiaries are included in the consolidated financial statements of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. All significant intercompany amounts and transactions between the Company and its subsidiaries have been eliminated on consolidation. The principal subsidiaries and joint ventures to which the Company is a party, as well as their geographic locations, were as follows as at December 31, 2018: Classification and accounting Affiliate name Location Interest method Asanko Gold South Africa (PTY) Ltd. South Africa 100% Consolidated Asanko International (Barbados) Inc. Barbados 100% Consolidated Asanko Gold (Barbados) Inc. Barbados 100% Consolidated Asanko Gold Ghana Limited Ghana 45% Joint venture; equity method Adansi Gold Company (GH) Limited Ghana 50% Joint venture; equity method Shika Group Finance Limited Isle of Man 50% Joint venture; equity method These consolidated financial statements include all revenue and expenses of AGGL and Adansi Ghana for the period January 1, 2018 to July 31, 2018, being the period during which the Company had control of these subsidiaries. In July 2018, the Company amalgamated PMI Gold Corporation with Asanko Gold Inc. to simplify the Company’s corporate structure. The assets, liabilities and expenses of PMI Gold Corporation for the period prior to amalgamation have been consolidated in these financial statements. Certain amounts in the prior year have been reclassified to conform to the presentation in the current year. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Significant accounting policies [Text Block] | 3. Significant accounting policies (a) Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The cost of the business combination is measured as the aggregate of the fair value at the date of acquisition of the consideration transferred in exchange for the interest in the acquiree. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognized at their fair values at the acquisition date. The acquisition date is the date the Company obtains control over the acquiree, which is generally the date that consideration is transferred and the Company acquires the assets and assumes the liabilities of the acquiree. The Company considers all relevant facts and circumstances in determining the acquisition date. Acquisition- related costs, other than costs to issue equity securities of the acquirer, including investment banking fees, legal fees, accounting fees, valuation fees and other professional or consulting fees are expensed as incurred. The costs to issue equity securities of the Company as consideration for the acquisition are deducted from share capital as share issue costs. Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the cost of the business combination over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized. If, after reassessment, the Company’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognized immediately in the consolidated statement of operations and comprehensive income (loss). (b) Investments in joint arrangements The Company conducts a portion of its business through joint arrangements where the parties are bound by contractual arrangements establishing joint control and decisions about the activities that significantly affect the returns of the investee require unanimous consent. A joint arrangement is classified as either a joint operation or a joint venture, subject to the terms that govern each investor's rights and obligations in the arrangement. In a joint operation, the investor has rights and obligations to the separate assets and liabilities of the investee and in a joint venture, the investors have rights to the net assets of the joint arrangement. For a joint operation, the Company recognizes its share of the assets, liabilities, revenue, and expenses of the joint arrangement, while for a joint venture, the Company accounts for its investment in the joint arrangement using the equity method. Under the equity method, the Company’s investment in a joint venture is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of net earnings or losses of the joint venture, after any adjustments necessary for impairment losses after the initial recognition date. The total carrying amount of the Company's investment in a joint venture also includes any long-term debt interests which in substance form part of the Company's net investment. The Company’s share of a joint venture’s losses that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture. The Company's share of net earnings or losses of a joint venture are recognized in net earnings during the period. Dividends and repayment of capital received from a joint venture are accounted for as a reduction in the carrying amount of the Company’s investment. Intercompany balances between the Company and its joint ventures are not eliminated. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in a joint venture is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the joint venture’s operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value-in-use. If the recoverable amount of an investment is less than the carrying amount, the carrying amount is reduced to its recoverable amount and a corresponding impairment loss is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of the recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in net earnings in the period in which the reversal occurs. Similar to the assessment of impairment for subsidiaries, the Company reviews the mining properties and plant and equipment for a joint operation at the cash-generating unit level to determine whether there is any indication that these assets are impaired. (c) Non- controlling interest Non- controlling interests in the Company’s less than wholly-owned subsidiaries, if any, are classified as a separate component of equity. Non-controlling interests are recorded at their proportionate share of the fair value of identifiable net assets acquired on initial recognition. Subsequent to the acquisition date, adjustments are made to the carrying amount of the non- controlling interests for the non- controlling interests’ share of changes to the subsidiary’s equity. In the event an arrangement (either contractual or statutory) exists between the Company and the non-controlling interest whereby losses and all commitments are assumed by the parent entity, then net income is allocated between the Company and non- controlling interest on the consolidated statement of operations and comprehensive income (loss) in accordance with the terms of the arrangement. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests’ relative interest in the subsidiary and the difference to the carrying amount of the non-controlling interests and the Company’s share of proceeds received and/or consideration paid is recognized in equity and attributed to the shareholders of the Company. (d) Foreign currency translation Transactions in foreign currencies are initially recorded at the functional currency rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange at the date of the statement of financial position. Foreign exchange gains (losses) are recorded in the consolidated statement of operations and comprehensive income (loss) for the period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. (e) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and short-term investments with original maturity dates of less than ninety days or that are fully redeemable without penalty or loss of interest. (f) Inventories Gold on hand, gold in process and stockpiled ore inventories are recorded at the lower of weighted average production cost and net realizable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and applicable depreciation and depletion. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long- term metal prices less estimated future costs to convert the inventories from their respective states into saleable form less estimated costs to sell. Production costs are included in work-in-process inventory based on current costs incurred up to the point of dore production. The costs of finished goods represent the costs of work- in-process inventories plus applicable treatment costs. The costs of inventories sold during the period are presented as cost of sales in the statement of operations and comprehensive income (loss) for the period. Additions to the cost of ore stockpiles are based on the related current cost of production for the period, while reductions in the cost of ore stockpiles are based on the weighted-average cost per tonne of ore in the stockpile. Stockpiles are segregated between current and non-current inventories in the consolidated statement of financial position based on the planned period of usage. Supplies and spare parts are valued at the lower of weighted-average cost and net realizable value. Replacement costs of materials and spare parts are generally used as the best estimate of net realizable value. Provisions are recorded to reduce the carrying amount of materials and spare parts inventory to net realizable value to reflect current intentions for the use of redundant or slow-moving items. Provisions for redundant and slow-moving items are made by reference to specific items of inventory. The Company reverses write-downs where there is a subsequent increase in net realizable value and where the inventory is still on hand. (g) Mineral properties, plant and equipment (i) Mineral properties Recognition Capitalized costs of mining properties include the following: costs assigned to mining properties acquired in business combinations; expenditures incurred to develop mineral properties including pre-production stripping costs; stripping costs in the production phase of a mine if certain criteria have been met (see below); costs to define and delineate known economic resources and develop the project; borrowing costs attributable to qualifying mining properties; costs incurred during testing of the processing facility, net of proceeds from sales, prior to operating in the manner intended by management; and estimates of reclamation and closure costs. Stripping costs In open pit mining operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore from which minerals can be extracted economically. Stripping costs incurred in order to provide initial access to the ore body (referred to as pre-production stripping) are capitalized as incurred. Stripping costs incurred during the production stage of an open pit mine are accounted for as production costs in the consolidated statement of operations and comprehensive income (loss) during the period that the stripping costs were incurred, unless these costs provide a future economic benefit. Production phase stripping costs are considered to generate a future economic benefit when (i) it is probable that future economic benefit associated with the stripping activity will flow to the entity; (ii) the entity can identify the component of the ore body for which access has been improved; and (iii) the costs relating to the stripping activity associated with that component can be measured reliably. These costs are capitalized as mine development costs. Production costs are allocated between inventory produced and the stripping asset based on the volume of waste extracted compared with the expected volume, for a given volume of ore production. Stripping costs incurred and capitalized during the production phase are depleted using the units-of-production method over the proven and probable reserves of the component of the ore body to which access has been improved as a result of the specific stripping activity. Management reviews the estimates of the waste and ore in each identified component of operating open pit mines at the end of each financial year, and when events and circumstances indicate that such a review should be made. Deferred stripping assets are written-down to their recoverable amount when their carrying value is not considered supportable. Changes to the estimated identification of components and the associated waste and ore within each component are accounted for prospectively. Exploration and evaluation expenditures Exploration and evaluation expenditures include the costs of acquiring rights to explore, exploratory drilling and related exploration costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contain proven and probable reserves. Exploration and evaluation expenditures incurred on a mineral deposit, with the exception of acquisition costs and costs arising from the recognition of an asset retirement obligation, are expensed as incurred up to the date of establishing that costs incurred on a mineral deposit are technically feasible and commercially viable. Expenditures incurred on a mineral deposit subsequent to the establishment of its technical feasibility and commercial viability are capitalized and included in the carrying amount of the related mining property. The technical feasibility and commercial viability of a mineral deposit is assessed based on a combination of factors, such as, but not limited to: - the extent to which mineral reserves or mineral resources have been identified through a feasibility study or similar level document; - the results of optimization studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study; - the status of environmental permits, and - the status of mining leases or permits. Borrowing costs Borrowing costs directly relating to the financing of qualifying assets are added to the capitalized cost of those related assets until such time as the assets are substantially ready for their intended use or sale which, in the case of mining properties, is when they are capable of commercial production. Where funds have been borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. Capitalized borrowing costs are depreciated over the life of the related asset. All other borrowing costs are recognized in the consolidated statement of operations and comprehensive income (loss) in the year in which they are incurred. Borrowing costs are included as part of interest paid in the statement of cash flows. Depletion Mining properties in production are depleted on a mine-by-mine basis using the units-of-production method over the mine’s estimated proven and probable reserves, with the exception of deferred stripping which is depleted using the unit -of- production method over the reserves that directly benefit from the specific stripping activity, and will commence when the mine is capable of operating in the manner intended by management. The Company uses a number of criteria to assess whether the mine is in the condition necessary for it to be capable of operating in a manner intended by management. These criteria include, but are not limited to: - completion of operational commissioning of each major mine and plant component; - demonstrated ability to mine and mill consistently and without significant interruption at a pre-determined average rate of designed capacity; - the passage of a reasonable period of time for testing of all major mine and plant components; - gold recoveries at or near expected production levels; and - a significant portion of available funding is directed towards operating activities. Mining properties in development are not depleted. (ii) Plant and equipment Recognition The cost of plant and equipment consists of the purchase price, costs directly attributable to the delivery of the asset to the location and the condition necessary for it to be capable of operating in the manner intended by management, including the cost of testing whether these assets are operating in the manner intended by management. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. Where significant components of an asset have differing useful lives, depreciation is calculated on each separate component. Depreciation Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management . The carrying amounts of plant and equipment are depreciated using either the straight-line or units-of-production method over the shorter of the estimated useful life of the asset or the life of mine. The significant classes of depreciable plant and equipment and their estimated useful lives are as follows: Asset Class Estimated Useful Life Fixed plant & related components and infrastructure Units of production over life of mine Mobile and other mine equipment components 3 to 12 years Computer equipment and software 3 years Management reviews the estimated useful lives, residual values and depreciation methods of the Company’s plant and equipment at the end of each financial year, and when events and circumstances indicate that such a review should be made. Changes to estimated useful lives, residual values or depreciation methods resulting from such review are accounted for prospectively. Major maintenance and repairs Expenditure on major maintenance and repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that future economic benefits associated with the item will be available to the Company, that expenditure is capitalized and the carrying amount of the item replaced derecognized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefits will be available and any remaining carrying amounts of the cost of previous overhauls are derecognized. All other maintenance and repair costs are expensed as incurred. (iii) Assets under construction Assets under construction include property, plant and equipment in the course of construction for the Company’s own purposes. Assets under construction are carried at cost less any recognized impairment loss and are not subject to depreciation. The cost comprises the purchase price and any costs directly attributable to bringing it into working condition for its intended use. Depreciation of these assets commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. (iv) Impairment of non-financial assets The carrying amounts of assets included in mining interests are reviewed for impairment when events and changes in circumstances indicate that the related carrying amounts may not be recoverable. If any such indication exists, the recoverable amount of the relevant cash-generating unit (“CGU”) is estimated in order to determine the extent of impairment. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Previously, the Company’s CGUs were its significant mine sites, represented by its principal producing mining properties and significant development projects. The carrying amounts of the CGUs are compared to their recoverable amounts where the recoverable amount is the higher of value- in-use and fair value less costs to sell (“FVLCS”). For mining assets, when a binding sale agreement and observable market prices are not readily available, FVLCS is estimated using a discounted cash flow approach for each of the Company’s cash generating units (CGUs) to which the individual assets are allocated. The assumptions used in determining the FVLCS for the CGU’s include long-term mining plans, long-term commodity prices, discount rates and foreign exchange rates. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. An impairment is recognized immediately in the consolidated statement of operations and comprehensive income (loss). Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable amount (however, the increased carrying amount shall not exceed the net carrying amount that would have been recognized should no impairment loss have been previously recognized for the asset (or CGU) in prior years). (v) Derecognition Upon disposal or abandonment, the carrying amounts of mining properties and plant and equipment are derecognized and any associated gains or losses are recognized in the consolidated statement of operations and comprehensive income (loss). (h) Provisions General Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statement of operations and comprehensive income (loss) net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre- tax rate that reflects where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as finance expense in the consolidated statement of operations and comprehensive income (loss). Asset retirement provisions An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The Company records the estimated present value of future cash flows associated with site reclamation as a liability when the liability is incurred with a corresponding increase in the carrying value of the related assets. Discount rates using a pre-tax, risk-free rate that reflect the time value of money are used to calculate the net present value. The liability is accreted over time to reflect the unwinding of the discount with the accretion expense included in finance costs in the consolidated statement of operations and comprehensive income (loss). Changes in estimates or circumstances include changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates, changes to the discount rate and changes to the risk-free interest rates. (i) Revenue from contracts with customers Revenue is derived from the sale of gold and by-products. Revenue is recognized for contracts with customers when there is persuasive evidence that all of the following criteria are met: - the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations; - the Company can identify each party's rights regarding the goods or services to be transferred; - the Company can identify the payment terms for the goods or services to be transferred; - the contract has commercial substance (i.e. the risk, timing or amount of the Company’s future cash flows is expected to change as a result of the contract); and - it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenue from gold is generally recorded at the time of physical delivery of the refined gold, which is also the date when control of the gold passes to the customer. Revenue from saleable gold produced during the testing phase of production activities is deducted from capitalized mine development costs. (j) Royalties and mining taxes Payments to governments that are based on a measure of income less expense are accounted for in accordance with the Company’s income tax accounting policy. Payments to governments which are based on gross amounts such as revenue are classified in accordance with the substance of the transaction; this means that for royalties calculated based on revenues, the royalty is presented as a reduction of revenues and that for royalties calculated based on production costs, the royalty is presented as an increase in cost of sales. (k) Financial instruments (i) Financial assets Recognition and measurement The Company recognizes a financial asset in its statement of financial position when the Company becomes party to the contractual provisions of the instrument. All financial assets are initially recorded at fair value plus directly attributable transaction costs and classified as either (i) financial assets subsequently measured at amortized cost, (ii) financial assets subsequently measured at fair value through other comprehensive income or (iii) financial assets subsequently measured at fair value through profit or loss. The basis of classification takes into consideration both the Company’s business model for managing and the contractual cash flow characteristics of the financial assets. A financial asset is measured at amortized cost if the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through other comprehensive income if the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income. Fair value changes in financial assets classified as fair value through profit or loss, if any, are recognized in the consolidated statement of operations and comprehensive income (loss). Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: - the contractual rights to receive cash flows from the asset have expired, or - the Company has transferred its contractual rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through ‘arrangement; and either (a) the Company has transferred substantially all the risks and rewards of ownership of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (ii) Financial liabilities Recognition and measurement All financial liabilities are initially recorded at fair value less transaction costs . All financial liabilities are subsequently measured at amortized cost using the effective interest method, except for: - financial liabilities at fair value through profit or loss; - financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies; - financial guarantee contracts; - commitments to provide a loan at a below-market interest rate; and - contingent consideration recognized by an acquirer in a business combination to which IFRS 3, Business combinations An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss when a contract contains one or more embedded derivatives, or when doing so results in more relevant information, because either (a) it eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch); or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis. Fair value changes of financial liabilities classified as fair value through profit or loss, if any, are recognized in the consolidated statement of operations and comprehensive income (loss). (iii) Embedded derivatives The Company may enter into derivative contracts or financial instruments and non-financial contracts containing embedded derivatives. Embedded derivatives are required to be accounted for separately at fair value as derivatives when the risks and characteristics of the embedded derivatives are not closely related to those of their host contract, and the host contract is not designated as fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognized in the consolidated statement of operations and comprehensive income (loss). (l) Share-based compensation The Company has a share option plan and restricted share unit (RSU) plan which are described in notes 19(a) and 19(b), respectively. For share options, the fair value of share-based compensation awards is determined at the date of grant using the Black-Scholes option pricing model. The Company records all share-based compensation for options using the fair value method with graded vesting. Under the fair value method, share-based payments are measured at the fair value of the consideration received or the fair value of the equity instruments issued or liabilities incurred, whichever is more reliably measurable, and are charged over the vesting period to the consolidated statement of operations and comprehensive income (loss). The offset is credited to Equity reserves (within equity in the consolidated statement of financial position) rateably over the vesting period, after adjusting for the number of awards that are expected to vest. Expenses recognized for forfeited awards are reversed. For awards that are cancelled, any expense not yet recognized is recognized immediately in the statement of operations and comprehensive income (loss). Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified over the original vesting period. In addition, an expense is recognized for any modification which increases the total fair value of the share- based payment arrangement as measured at the date of modification, over the remainder of the vesting period. For cash-settled share-based payments, including RSUs, the Company measures the goods or services acquired and the liability incurred at the fair value of the liability. The corresponding share- based compensation expense is recognized over the vesting period of the award . As these awards will be settled in cash, the liability is remeasured at fair value at each reporting period and at the date of settlement, with changes in fair value recognized in the consolidated statement of operations and comprehensive income (loss) in the period incurred. (m) Income taxes Income tax on the profit or loss for the periods presented comprises current and deferred income tax. Income tax is recognized in the consolidated statement of operations and comprehensive income (loss) except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adj |
Changes in accounting standards
Changes in accounting standards | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Changes in accounting standards [Text Block] | 4. Changes in accounting standards (a) Accounting standards adopted during the year The Company adopted the following new IFRS standards effective January 1, 2018. The nature and impact of each new standard on the Company’s current period financial statements, and prior period comparatives, if any, are outlined below. Adoption of these standards were made in accordance with the applicable transitional provisions. Revenue recognition In May 2014, the IASB issued IFRS 15 – Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 – Construction Contracts; IAS 18 – Revenue; IFRIC 13 – Customer Loyalty Programmes; IFRIC 15 – Agreements for the Construction of Real Estate; IFRIC 18 – Transfers of Assets from Customers; and SIC 31 – Revenue – Barter Transactions involving Advertising Services. IFRS 15 establishes a single five-step model framework for determining the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The adoption of IFRS 15, applied retrospectively, did not have a significant impact on the recognition, measurement or disclosure of the Company’s revenue from its customer. Financial instruments In July 2014, the IASB issued the final version of IFRS 9 – Financial Instruments ("IFRS 9") to replace IAS 39 – Financial Instruments: Recognition and Measurement (“IAS 39”). IFRS 9 provides a revised model for recognition and measurement of financial instruments and a single, forward-looking 'expected loss' impairment model. IFRS 9 also includes a substantially reformed approach to hedge accounting. The standard is effective for annual periods beginning on or after January 1, 2018, with early adoption permitted. In March 2017, the IASB provided an update, clarifying how IFRS 9 is to be applied to modifications of financial liabilities. During the second quarter of 2016, the Company had amended its a Definitive Senior Facilities Agreement (“DSFA”) with a special purpose vehicle of RK Mine Finance Trust I (“Red Kite”) (see note 16). The amendment resulted in a deferral of the repayment of principal for a two-year period, with principal repayments having been agreed to commence on July 1, 2018. Under IAS 39, the amendment was considered to represent a modification of the previous DSFA. A deferral fee of $3.3 million was paid, deferred to the loan balance, and amortized along with previously deferred debt financing costs over the remaining life of the DSFA based on a revised effective interest rate of 10.9%. Under the provisions of IFRS 9, the modification of the DFSA in Q2 2016 required the Company to retrospectively recalculate the amortized cost of the modified contractual cash flows with the resulting gain or loss recognized in the consolidated Statement of Operations and Comprehensive Income as of Q2 2016. The gain or loss is calculated as the difference between the original contractual cash flows and the modified contractual cash flows discounted at the effective interest rate of the original financial liability as a result of the application of IFRS 9. The Company recognized a $3.2 million gain on modification of the DFSA as of Q2 2016. The adoption of IFRS 9, applied retrospectively, had the following effect on the Statement of Financial Position as at January 1, 2017 and December 31, 2017 and on the Statement of Operations and Comprehensive Income (Loss) for the year ended December 31, 2017. As at January 1, 2017 As reported at Effect of adoption As at December 31, 2016 of IFRS 9 January 1, 2017 Statement of Financial Position Non-current portion of long-term debt $ 154,503 $ (2,971 ) $ 151,532 Accumulated deficit (186,444 ) 2,768 (183,676 ) Non-controlling interest - 203 203 As at and for the year ended December 31, 2017 As reported at Effect of adoption As at December 31, 2017 of IFRS 9 December 31, 2017 Statement of Financial Position Non-current portion of long-term debt $ 121,877 $ (2,637 ) $ 119,240 Deficit (180,367 ) 2,467 (177,900 ) Non-controlling interest 570 170 740 Statement of Operations and Comprehensive Income (Loss) Finance expense $ 17,476 $ 334 $ 17,810 Net income attributable to: Common shareholders of the Company 6,077 (301 ) 5,776 Non-controlling interest 570 (33 ) 537 Share-based payments Amendments to IFRS 2 – Share-based Payments (“IFRS 2”) clarified guidance on how to measure the fair value of the liability incurred in a cash-settled share-based payment. Previously, IFRS 2 did not include guidance on this subject matter and, therefore, diversity in practice existed between measuring the liability using the same approach as for equity-settled awards and using full fair value. The amendments clarify that a cash-settled share-based payment is measured using the same approach as for equity-settled share-based payments (i.e. the modified grant date method). Therefore, in measuring the liability, market and non-vesting conditions are considered in measuring the fair value, and the number of awards to receive cash is adjusted to reflect the best estimate of those expected to vest as a result of satisfying service and any non-market performance conditions. The new requirements do not change the cumulative amount of expense that is ultimately recognized because the total consideration for a cash-settled share-based payment is still equal to the cash paid on settlement. These amendments were effective January 1, 2018, but had no impact on the Company’s prior period consolidated financial statements as the Company granted cash-settled share-based payments for the first time on February 6, 2018 (note 19(b)). (b) Accounting standards and amendments issued but not yet adopted The following standards and interpretations have been issued but are not yet effective as of December 31, 2018. Leases In January 2016, the IASB issued IFRS 16 – Leases ("IFRS 16") which replaces IAS 17 – Leases (“IAS 17”) and its associated interpretative guidance. IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a service contract on the basis of whether the customer controls the asset being leased. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting by lessees, introducing a single, on- balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. The standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted for entities that apply IFRS 15. The Company has not identified any material leases or other contracts containing a lease which will be recognized on balance sheet as of January 1, 2019. The adoption of IFRS 16 will however impact the Company’s equity pick-up from the AGM JV. The JV will recognize new right-of-use assets and lease liabilities at January 1, 2019 relating to the JV’s mining contractor agreements. Previously, the JV recognized monthly fixed payments for equipment to mining contractors as production costs. Under IFRS 16, these fixed monthly payments will be capitalized as a lease and, therefore, the nature of expenses related to these mining contractor agreements will change as certain fixed monthly payments will no longer be presented as production costs, rather the JV will recognize a depreciation charge for the right-of-use assets and interest expense on the lease liabilities. Based on the information currently available, the Company estimates that the JV will recognize right-of-use assets and lease liabilities of $30.8 million as at January 1, 2019. However, the net impact on the profit and loss of the JV is not expected to be significantly different from accounting for these contracts under IAS 17 and, as a result, the adoption of IFRS 16 is not expected to have a significant impact on the financial statements of Asanko as the Company will be equity accounting for its interest in the AGM as at January 1, 2019. The impact of the adoption of IFRS16 is therefore expected to be limited to the Company’s disclosures of total assets and liabilities of the JV . |
Significant accounting judgemen
Significant accounting judgements and estimates | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Significant accounting judgements and estimates [Text Block] | 5. Significant accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes the estimates and assumptions used in these consolidated financial statements are reasonable, however, actual results could differ from those estimates and could impact future results of operations and cash flows. The significant accounting judgements and estimates which have the most significant effect on these financial statements are as follows: Estimates Reserves and Resources Estimates of the quantities of proven and probable mineral reserves and mineral resources form the basis for the Company’s life-of-mine plans, which are used for a number of key business and accounting purposes, including: the calculation of depreciation expense, the capitalization of stripping costs, the forecasting and timing of cash flows related to the asset retirement provision and impairment assessment, if any. In addition, when required, the life-of-mine plans are used in impairment tests for mineral properties, plant and equipment. To the extent that these estimates of proven and probable mineral reserves and resources varies, there could be changes in depreciation expense, stripping asset and asset retirement provision recorded. Depletion of mineral interests Estimates are made of recoverable ounces in the Company’s mining properties which are depleted based on recoverable tonnes contained in proven and probable reserves. To the extent that changes are made to the estimate of proven and probable reserves, the depletion charge may change. In addition, mineral properties, plant and equipment are depreciated to their estimated residual value over the estimated useful life of the asset. Should the actual useful life of the mineral properties, plant or equipment vary, future depreciation charges may change. Inventory valuation of production costs The Company estimates quantities of ore on stockpiles and in process and the recoverable gold contained in this material in order to determine the cost of inventories and the weighted average costs of finished goods sold during the period. To the extent that these estimates vary, production costs of finished goods may change. Net realizable value of inventory Estimates of net realizable value are based on the most reliable evidence available, at the time that the estimates are made, of the amount that the inventories are expected to realize. In order to determine the net realizable value of gold dore, gold-in-process and stockpiled ore, the Company estimates future metal selling prices, production forecasts, realized grades and recoveries, timing of processing, and future costs to convert the respective inventories into saleable form, if applicable. Reductions in metal price forecasts, increases in estimated future costs to convert, reductions in the number of recoverable ounces, and a delay in timing of processing can result in a write-down of the carrying amounts of the Company’s stockpiled ore inventory. Materials and other supplies held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, to the extent net realizable of materials and spares must be estimated, replacement costs of the materials and spare parts are generally used as the best estimate of net realizable value. Current and deferred Income taxes In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. Levels of future taxable income are affected by, among other things, market gold prices, production costs, quantities of proven and probable gold reserves, interest rates and foreign currency exchange rates. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur. Deferred stripping To determine whether stripping costs incurred during the production phase of a mining property relate to reserves and resources that will be mined in a future period and therefore should be capitalized, the Company makes estimates of the stripping activity over the life of the component of reserves and resources which have been made accessible. In addition, judgement is involved when allocating production costs between inventory produced and the stripping asset; the allocation is based on the volume of waste extracted compared with the expected volume, for a given volume of ore production. To the extent that these estimates and judgements change, there could be a change to the amount of production costs which are deferred to the statement of financial position. Estimated assets retirement provisions Provisions for reclamation and closure cost obligations represents management’s best estimate of the present value of the future cash outflows required to settle closure cost liabilities. Significant judgements and estimates are required in forming assumptions of future activities, future cash outflows and the timing of those cash outflows. These assumptions are formed based on environmental and regulatory requirements or the Company’s environmental policies which may give rise to constructive obligations. The Company’s assumptions are reviewed at the end of each reporting period and adjusted to reflect management’s current best estimate and changes in any of the above factors can result in a change to the provision recognized by the Company. Changes to these estimates and judgements may result in actual expenditures in the future differing from the amounts currently provided for. Preferred shares The Company holds preferred shares (without a fixed redemption date) in the JV which have been classified as financial assets measured at fair value through profit or loss. Management estimated the fair value of these preference shares by discounting the forecasted future cash flows from the AGM. Several estimates were made to determine the forecasted future cash flows including, but not limited to, long-term realized gold prices, mineable reserves/resources, mining and processing costs per tonne, ore grades, and metallurgical recoveries. Additionally, judgement was required to determine the appropriate discount rate used to calculate the present value of the forecasted future cash flows. Changes in one or more of these assumptions could lead to a materially different fair value estimate of the preferred shares. The Company also holds preferred shares (with a fixed redemption date) in the JV which have been classified as financial assets measured at amortized cost. Management judgment was applied to determine the appropriate discount rate used to calculate the present value of the forecasted future cash flows. Judgements Arrangements containing a lease The Company’s management assessed its mining contract under IFRIC 4 – Determining whether an Arrangement contains a Lease, to assess whether the contract contains a finance or operating lease. In order to determine whether the lease was an operating or finance lease, management had to make judgements with respect to the useful economic lives of the equipment identified in the lease as well as how much of the costs associated with the mining contract related to use of the equipment and how much related to personnel charges. Should some of these judgements change, the conclusion as to whether an arrangement contains a lease may change, which would result in a materially higher asset value on the consolidated statement of financial position and an associated periodic depreciation charge. Impairment of mining interest The Company considers both external and internal sources of information in assessing whether there are any indications that mining interests are impaired. External sources of information the Company considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of mining interests. Internal sources of information the Company considers include the manner in which mining properties and plant and equipment are being used or are expected to be used and indications of economic performance of the assets. The estimates and judgements are subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances the carrying value of the assets may be impaired or a prior period’s impairment charge reversed with the impact recorded in the consolidated statement of operations and comprehensive income (loss). Functional currency The determination of a subsidiary’s functional currency often requires significant judgment where the primary economic environment in which an entity operates may not be clear. This can have a significant impact on the consolidated results of the Company. |
Joint venture transaction
Joint venture transaction | 12 Months Ended |
Dec. 31, 2018 | |
Joint Venture Transaction [Abstract] | |
Disclosure of joint ventures [text block] | 6. Joint venture transaction On July 31, 2018, the Company completed the JV Transaction to sell 50% of Asanko’s 90% interest in the AGM and associated properties (see note 1). In conjunction with closing of the JV Transaction, the Company contributed its intercompany loans receivable from AGGL and Adansi Ghana ($454.4 million) to JV Finco. Of the Company’s contribution, $204.9 million has been capitalized into redeemable preference shares in JV Finco, with the balance being converted to equity in JV Finco. Additionally, the Company contributed another $5.0 million of cash as part of its equity investment in JV Finco, bringing its total equity investment in JV Finco to $254.5 million. In consideration for its interests in the JV, Gold Fields: contributed $165.0 million, representing its initial $164.9 million redeemable preference share investment in JV Finco, as well as its initial $0.1 million equity investments in AGGL, Adansi Ghana and JV Finco, respectively; and will contribute an additional $20.0 million redeemable preference share investment to JV Finco based on an agreed Esaase development milestone, but in any event by no later than December 31, 2019. Once this contribution is received by JV Finco, it is to be repaid immediately to the Company as a redemption of $20.0 million of the redeemable preference shares held by the Company. Upon closing of the JV Transaction, the Company derecognized the carrying amounts of the net assets of AGGL and Adansi Ghana, as well as the carrying amount of previously recognized non-controlling interests in AGGL, and recognized the fair value of the Company’s interest in the JV (see notes 1 and 14). An after-tax loss of $143.3 million was recognized associated with the loss of control of the Company’s former Ghanaian subsidiaries and was determined as at July 31, 2018 as follows: July 31, 2018 $ Fair value of interest retained Fair value of financial assets (note 14) 168,081 Fair value of equity interest in JV 127,314 295,395 Less net assets derecognized Cash and cash equivalents 24,368 Receivables 6,356 Inventories 63,460 Prepaid expenses and deposits 3,274 VAT receivable 9,672 Reclamation deposit 1,851 Exploration and evaluation assets 13,085 Mineral properties, plant and equipment 602,989 Accounts payable and accrued liabilities (47,269 ) Financial liabilities (165,000 ) Long-term incentive plan liability (64 ) Asset retirement provisions (31,217 ) Deferred income tax liability (53,211 ) Non-controlling interest (899 ) 427,395 (132,000 ) Accelerated accretion on long-term debt (note 16) (6,226 ) Transaction costs directly related to JV Transaction (5,035 ) Loss associated with loss of control of former Ghanaian subsidiaries (143,261 ) The loss associated with the loss of control was allocated to the following assets and liabilities of the disposal group as at the date of the closing of the JV Transaction: $ Mineral properties, plant and equipment (note 15) (185,211 ) Deferred income tax liability (note 11) 53,211 (132,000 ) Accelerated accretion on long-term debt (note 16) (6,226 ) Transaction costs directly related to JV Transaction (5,035 ) Loss associated with loss of control of former Ghanaian subsidiaries (143,261 ) |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Revenue [Text Block] | 7. Revenue The Company sold all gold produced from January 1, 2018 to July 31, 2018, the period during which the Company controlled the AGM, under an Offtake Agreement with Red Kite (refer to note 22 for further details on revenue earned by the AGM for the twelve months ended December 31, 2018). During this period, the Company sold 125,687 ounces of gold (year ended December 31, 2017 – 206,079 ounces). During the period January 1, 2018 to July 31, 2018, revenue included $0.5 million relating to by-product silver sales (year ended December 31, 2017 – $0.7 million). The following table provides information about receivables from contracts with customers at January 1, 2018 and December 31, 2018: Year ended December 31, 2018 2017 Balance, beginning of year 1,249 616 Revenue recognized 161,918 256,203 Payments collected (156,880 ) (255,570 ) Derecognized on closing of JV Transaction (6,287 ) - Balance, end of year - 1,249 |
Production costs by nature
Production costs by nature | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Production costs by nature [Text Block] | 8. Production costs by nature The following is a summary of production costs incurred by the Company during the periods that it controlled the AGM, being the seven months ended July 31, 2018 and the twelve months ended December 31, 2017. The table below therefore includes the results for the AGM from January 1, 2018 to July 31, 2018, but does not include the results of the AGM from August 1, 2018 to December 31, 2018. Year ended December 31, 2018 2017 $ $ Raw materials and consumables (30,401 ) (50,925 ) Salary and employee benefits (12,782 ) (20,621 ) Contractors (net of deferred stripping costs (note 15(b)) (47,929 ) (37,742 ) Change in stockpile, gold-in-process and gold dore inventories 15,934 (2,345 ) Insurance, government fees, permits and other (3,473 ) (3,684 ) Share-based payments (357 ) (1,311 ) Total production costs (79,008 ) (116,628 ) All of the Company’s concessions are subject to a 5% gross revenue royalty payable to the Government of Ghana. Royalty expense is presented as a separate component of cost of sales. |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
General and administrative expenses [Text Block] | 9. General and administrative expenses The following is a summary of general and administrative expenses incurred by the Company during the years ended December 31, 2018 and 2017. Note that the table below includes the results for the AGM from January 1, 2018 to July 31, 2018, being the period during which the Company controlled the AGM, but does not include the results of the AGM from August 1, 2018 to December 31, 2018. Note that the prior year comparatives have been restated to conform to the current period presentation. Year ended December 31, 2018 2017 $ $ Wages, benefits and consulting (6,533 ) (7,241 ) Office, rent and administration (1,527 ) (1,132 ) Professional and legal (1,308 ) (1,556 ) Share-based payments (1,258 ) (1,418 ) Travel, marketing, investor relations and regulatory (987 ) (1,175 ) Other (47 ) (68 ) Total (11,660 ) (12,590 ) |
Finance expense
Finance expense | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Finance expense [Text Block] | 10. Finance expense The following is a summary of finance expenses incurred by the Company during the years ended December 31, 2018 and 2017. Specifically, the table below includes the results for the AGM from January 1, 2018 to July 31, 2018, being the period during which the Company controlled the AGM, but does not include the results of the AGM from August 1, 2018 to December 31, 2018. The adoption of IFRS 9 on January 1, 2018 impacted the comparative period disclosures in the table below (note 4(a)). Year ended December 31, 2018 2017 $ $ Note 4 (a) Interest charges on Red Kite loan and associated withholding taxes (note 16) (9,987 ) (17,160 ) Accretion charges on asset retirement provisions (429 ) (650 ) Other (321 ) - Total (10,737 ) (17,810 ) |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Income tax [Text Block] | 11. Income tax a) Tax expense Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings from continuing operations before taxes. These differences result from the following items: Year ended December 31, 2018 2017 $ $ Average statutory tax rate 27% 26% Income (loss) before income taxes (128,704 ) 30,388 Expected income tax expense (recovery) (34,750 ) 7,901 Increase in income tax expense (recovery) resulting from: Loss associated with loss of control 47,312 - Permanent differences (608 ) (184 ) True-up prior year balances (564 ) 3,688 Effect of differences in tax rate in foreign jurisdictions (7,164 ) 3,214 Change in unrecognized tax assets 7,240 9,099 Withholding tax 1,079 1,301 Foreign exchange and other (36 ) (944 ) Income tax expense 12,509 24,075 b) Deferred tax liabilities and assets The significant components of the Company’s deferred tax liabilities and assets are as follows: Year ended December 31, 2018 2017 $ $ Mineral properties, plant and equipment - (48,475 ) Asset retirement provisions - 6,694 - (41,781 ) Deferred tax assets - 6,694 Deferred tax liabilities - (48,475 ) The Company has tax losses of $47.4 million (2017 - $39.6 million) in Canada which expire between 2026 and 2038. Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following: Year ended December 31, 2018 2017 $ $ Mineral properties, plant and equipment 50 11,440 Share issuance costs 146 302 Investment in associate 275 275 Asset retirement provision - 4,083 Unrealized foreign exchange - (788 ) Foreign exchange loss carried forward - 509 Capital losses 2,476 - Non-capital losses carried forward 12,689 33,464 Total 15,636 49,285 The aggregate amount of taxable temporary differences associated with investments in subsidiaries for which deferred taxes have not been recognized as at December 31, 2018 is $13.7 million (2017 - $59.8 million). |
Non-controlling interest
Non-controlling interest | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Non-controlling interest [Text Block] | 12. Non-controlling interest $ Note 4 (a) Balance, December 31, 2016 203 Net earnings attributable to non-controlling interest 537 Balance, December 31, 2017 740 Net earnings attributable to non-controlling interest 159 Derecognition due to loss of control of Ghanaian subsidiaries (note 6) (899 ) Balance, December 31, 2018 - The non-controlling interest related to the Government of Ghana’s 10% free-carried interest in the net earnings of AGGL for the period January 1, 2018 to July 31, 2018, the period during which the Company controlled the AGM. During this period, the Company allocated $0.2 million of AGGL’s net earnings to the non-controlling interest for the seven months ended July 31, 2018 (year ended December 31, 2017 – $0.5 million of net earnings). The Company derecognized the non-controlling interest from its Statement of Financial Position upon closing of the JV Transaction. |
Earnings (loss) per share attri
Earnings (loss) per share attributable to common shareholders | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Earnings (loss) per share attributable to common shareholders [Text Block] | 13. Earnings (loss) per share attributable to common shareholders For the years ended December 31, 2018 and 2017, the calculation of basic and diluted earnings per share is based on the following data: Year ended December 31, 2018 2017 Earnings ($) Net income (loss) attributable to common shareholders (141,372 ) 5,776 Number of shares Weighted average number of ordinary shares - basic 220,108,770 203,333,111 Effect of dilutive share options and warrants - 1,061,341 Weighted average number of ordinary shares - diluted 220,108,770 204,394,452 For the year ended December 31, 2018, the effect of all potentially dilutive securities was anti-dilutive, given that the Company reported a net loss for the year. For the year ended December 31, 2017, excluded from the calculation of diluted weighted average shares outstanding were 3,613,000 share-based options and 4,000,000 warrants, respectively, that were determined to be anti-dilutive. |
Financial assets
Financial assets | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of financial assets [abstract] | |
Disclosure of financial assets [text block] | 14. Financial assets a) Redeemable preference shares with no fixed redemption date As part of the JV Transaction (notes 1 and 6), the Company subscribed to 204.9 million non- voting fixed redemption price redeemable preferences shares in JV Finco (the “preference shares”). The preference shares were issued at a par value of $1 per redeemable share, resulting in a face value of the preference shares of $204.9 million. $ Balance, December 31, 2017 - Initial recognition of preferred shares at fair value 148,850 Fair value adjustment for the year 4,801 Balance, December 31, 2018 153,651 $184.9 million of the preference shares have no fixed redemption date. On closing of the JV Transaction, these preference shares were recognized at fair value using a discounted cash flow model. Management estimated the fair value of the preference shares by discounting $184.9 million of the forecasted future cash flows from the AGM at a discount rate of 6.5%, resulting in a fair value of $148.9 million as at July 31, 2018. As these preference shares have no contractual fixed terms of repayment that arise on specified dates, they are measured at fair value through profit or loss at each reporting period-end. As at December 31, 2018, the Company re-measured the fair value of the redeemable preference shares at $153.7 million, recording a positive fair value adjustment of $4.8 million in finance income for the year ended December 31, 2018. The $184.9 million preference shares are classified as a Level 3 financial asset in the fair value hierarchy. b) Redeemable preference share with determinable redemption date $ Balance, December 31, 2017 - Initial recognition of preferred shares at fair value 19,231 Accretion income for the year 253 Balance, December 31, 2018 19,484 The remaining $20.0 million of preference shares are redeemable by JV Finco based on an agreed Esaase development milestone, but in any event to be paid by no later than December 31, 2019 (notes 1 and 6). On closing of the JV Transaction, the $20.0 million preference shares were recognized at fair value using a discounted cash flow model. Management estimated the fair value of the $20.0 million preference shares by discounting the contractual future cash flows (assumed to be payable by December 31, 2019) at a discount rate of 2.7%, resulting in a fair value of $19.2 million as at July 31, 2018. Subsequent to initial recognition, these preference shares are measured at amortized cost. As at December 31, 2018 the amortized cost of the redeemable preference shares amounted to $19.5 million and the Company recognized accretion income of $0.3 million in finance income for the year ended December 31, 2018. |
Mineral properties, plant and e
Mineral properties, plant and equipment and exploration and evaluation assets | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Mineral properties, plant and equipment and exploration and evaluation assets [Text Block] | 15. Mineral properties, plant and equipment and exploration and evaluation assets Mineral interests Non- Exploration and Plant, buildings Assets under Corporate Depletable depletable evaluation and equipment construction assets Total assets $ $ $ $ $ $ $ Cost: As at December 31, 2016 146,145 89,089 12,757 340,962 7,341 723 597,017 Additions 73,486 6,244 328 7,032 39,274 23 126,387 Changes in rehabilitiation provision 4,970 (204 ) - - - - 4,766 Reclassification of VAT recoverable 2,629 - - - - - 2,629 Transfers 17,127 (16,592 ) - 18,677 (19,212 ) - - As at December 31, 2017 244,357 78,537 13,085 366,671 27,403 746 730,799 Additions 45,497 141 - 2,264 9,084 21 57,007 Changes in rehabilitation provision 556 (558 ) - - - - (2 ) Transfers 11,069 (5,959 ) - 20,949 (26,059 ) - - 301,479 72,161 13,085 389,884 10,428 767 787,804 Less: Assets of the AGM (note 6) (301,479 ) (72,161 ) (13,085 ) (389,884 ) (10,428 ) (318 ) (787,355 ) As at December 31, 2018 - - - - - 449 449 Accumulated depreciation and depletion: As at December 31, 2016 (23,405 ) - - (31,793 ) - (575 ) (55,773 ) Depreciation and depletion (42,354 ) - - (21,808 ) - (41 ) (64,203 ) As at December 31, 2017 (65,759 ) - - (53,601 ) - (616 ) (119,976 ) Depreciation and depletion (34,395 ) - - (17,200 ) - (44 ) (51,639 ) Loss associated with loss of control (note 6) (64,537 ) (30,911 ) (3,417 ) (83,807 ) (2,539 ) - (185,211 ) (164,691 ) (30,911 ) (3,417 ) (154,608 ) (2,539 ) (660 ) (356,826 ) Less: Assets of the AGM (note 6) 164,691 30,911 3,417 154,608 2,539 325 356,491 As at December 31, 2018 - - - - - (335 ) (335 ) Net book value: As at December 31, 2017 178,598 78,537 13,085 313,070 27,403 130 610,823 As at December 31, 2018 - - - - - 114 114 For the period January 1, 2018 to July 31, 2018, the period during which the Company controlled the AGM, $9.6 million of depreciation and depletion was allocated to the cost of inventories. (a) Mineral interests and plant, buildings and equipment Depletable mineral interests consist of the pits that were mined by the Company, while non- depletable mineral interests consist of the pits that were not being mined by the Company. Other property, plant and equipment costs related to the construction of non- operating pits are classified as Assets under construction until such time the assets are available for and put into use, at which time the assets will be classified as Plant, buildings and equipment and depreciated in accordance with the Company’s accounting policy for the respective asset class. (b) Deferred stripping For the period January 1, 2018 to July 31, 2018, the period during which the Company controlled the AGM, the Company deferred a total of $45.5 million of stripping costs to depletable mineral interests (during the year ended December 31, 2017 - $64.6 million). Furthermore, depletion expense of $10.7 million for the period January 1, 2018 to July 31, 2018 was charged on deferred stripping assets and was recorded in cost of sales (during the year ended December 31, 2017 – $12.3 million). (c) Asset acquisitions During the third quarter of 2017, the Company completed the acquisition of the Miradani Gold Project (the "Miradani Project"), which is located adjacent to the AGM. Covering an area of approximately 15km 2 (d) During the year ended December 31, 2017, $2.6 million of VAT receivable was reclassified to depletable mineral property interests as it was determined by the GRA to relate to pre-production expenditures. The balance of $2.6 million is eligible to be capitalized to the AGM’s deferred tax pools in Ghana and will be tax deductible over a period of five years. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Long-term debt [Text Block] | 16. Long-term debt December 31, 2018 December 31, 2017 $ $ Note 4 (a) Gross proceeds 150,000 150,000 Accrued interest 13,894 13,894 Loan obligation 163,894 163,894 Deferred financing costs (16,475 ) (16,475 ) Interest and withholding taxes paid (41,390 ) (33,197 ) Loan accretion 61,095 44,699 Gain on loan modification (3,230 ) (3,230 ) 163,894 155,691 Repayment of principal and accrued interest (163,894 ) - Total debt - 155,691 Current portion of debt - 36,451 Non-current portion of debt - 119,240 In 2013, the Company entered into a Definitive Senior Facilities Agreement (“DSFA”) with a special purpose vehicle of RK Mine Finance Trust I (“Red Kite”), which was fully drawn for a total of $150.0 million plus $13.9 million in unpaid interest that was accrued up to May 2016 (when the loan was modified; see below). The debt was carried at amortized cost and was recorded net of unamortized financing fees of $16.5 million. Interest on the DSFA was calculated on a quarterly basis at a rate of LIBOR +6%, subject to a 1% minimum LIBOR rate which creates an interest rate floor. Interest was paid in advance at the beginning of each quarter. The Company had the option to repay the DSFA, or a portion thereof, early without penalty. The DSFA was fully secured by shares of the Company’s Ghanaian subsidiaries. Prior to April 1, 2016, all interest and accretion costs were capitalized to assets under construction. Commensurate with the declaration of commercial production, all interest and accretion costs were charged to the consolidated statement of operations and comprehensive income (loss). During the second quarter 2016, the DSFA was amended in order to defer the repayment of the principal for two years (being the principal deferral period). The amendment provided that the first principal repayment would be payable on July 1, 2018 after which the facility will be repaid in nine equal quarterly instalments, with the last repayment on July 1, 2020. The Company continued to pay quarterly interest in advance on the loan facility during the principal deferral period. There were no other changes to the existing debt facility terms. In accordance with IFRS 9, the Company retrospectively recalculated the amortized cost of the modified contractual cash flows with the resulting gain or loss recognized upon adoption of IFRS 9 as of January 1, 2017 (see note 4(a)). A deferral fee of 2% of the loan principal, being $3.3 million, was paid in the second quarter of 2016 commensurate with signing the amendment. The deferral fee was deferred to the loan balance and was being amortized with previously deferred debt financing costs over the remaining life of the DSFA. For the period January 1, 2018 to July 31, 2018, being the period during which the Company controlled the AGM, $10.0 million of interest expense was recorded at a weighted-average effective interest rate of approximately 13.2% (year ended December 31, 2017 – $16.8 million at a weighted-average effective interest rate of approximately 10.9%) . During the period January 1, 2018 to July 31, 2018, the Company paid $7.8 million in interest to Red Kite and $0.5 million in withholding taxes to the Ghana Revenue Authority (“GRA”) in respect of the Red Kite loan (year ended December 31, 2017 – $13.6 million in interest to Red Kite and withholding taxes to the GRA). On June 22, 2018, the Company obtained from Red Kite a one-month deferral on the first principal repayment due on July 1, 2018 to August 1, 2018. The deferral of the first principal repayment was obtained by the Company to facilitate the closing of the JV Transaction (note 6). Concurrent with the closing of the JV Transaction, the Company settled the Red Kite debt in full, including all outstanding debt principal and accrued interest, totaling $163.8 million. The Company adjusted the expected life of its long-term debt due to the closing of the JV Transaction and recognized accelerated accretion during the year of $6.2 million (note 6), bringing the carrying value of the debt to its maturity value for which it was settled. |
Asset retirement obligation
Asset retirement obligation | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Asset retirement obligation [Text Block] | 17. Asset retirement obligation The following table shows the movement in the asset retirement obligation for the period ended July 31, 2018 and year ended December 31, 2017: December 31, 2018 December 31, 2017 $ $ Balance, beginning of year 30,790 25,374 Accretion expense 429 650 Change in obligation (2 ) 4,766 Derecognition upon closing of JV Transaction (note 6) (31,217 ) - Balance, end of year - 30,790 The decommissioning liability consisted of reclamation and closure costs for the Company’s previously controlled Ghanaian mining properties, the AGM. Reclamation and closure activities included land rehabilitation, dismantling of buildings and mine facilities, ongoing care and maintenance and other costs. The undiscounted cash flow amount of the total obligation was $45.5 million as at December 31, 2017 and the present value of the obligation was estimated at $30.8 million. The discount rate used by the Company in 2017 (2.49%) was based on prevailing risk-free pre-tax rates in the United States (given the majority of reclamation costs will be incurred in US dollars), for periods of time which coincide with the periods over which the decommissioning costs were discounted. The inflation rate used in the asset retirement obligation calculation for 2017 (1.70%) was based on US inflation data, given the majority of reclamation costs will be incurred in US dollars. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Share capital [Text Block] | 18. Share capital (a) Authorized: - Unlimited common shares without par value or restrictions; and - Unlimited preferred shares without par value or restrictions. (b) Issued and outstanding common shares Number of shares Amount $ Balance, December 31, 2016 201,829,207 556,256 Issued pursuant to exercise of share-based options (note 19(a)) 1,620,750 5,185 Balance, December 31, 2017 203,449,957 561,441 Issued pursuant to private placement, net of share issuance cost (note 18(c)) 22,354,657 17,412 Balance, December 31, 2018 225,804,614 578,853 (c) Private Placement On April 4, 2018, in connection with the JV Transaction (note 1), Gold Fields acquired a 9.9% interest in the Company through a private placement. The Company issued 22,354,657 common shares of Asanko at a price of approximately $0.79 (C$1.01) per share for gross proceeds of $17.6 million. Concurrent with the completion of the private placement, the Company entered into an investor rights agreement with Gold Fields which provides certain rights to Gold Fields to participate in future Asanko share issuances in order to maintain its 9.9% shareholding for a period of up to five years. |
Equity reserves
Equity reserves | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Equity reserves [Text Block] | 19. Equity reserves (a) Share-based options The Company maintains a rolling share-based option plan providing for the issuance of share-based options for up to 9% of the Company’s issued and outstanding common shares. The Company may grant options from time to time to its directors, officers, employees and other service providers. On May 22, 2017, the Company amended its share-based option plan. All options granted prior to this date vest 25% on the date of grant and 12.5% every three months thereafter for a total vesting period of 18 months. Any options granted subsequent to May 22, 2017 vest 33% every twelve months following the grant date for a total vesting period of three years. During the year ended December 31, 2018, the Company granted 2,739,802 stock options, with a weighted average exercise price of C$1.08 per option, to directors, officers and employees of the Company. During the year ended December 31, 2018, the Company recognized share-based payments expense relating to stock options of $0.9 million, of which $32 was capitalized to mineral properties during the year (December 31, 2017 - $3.3 million share-based payment expense of which $0.6 million was capitalized to mineral properties). The following table is a reconciliation of the movement in share-based options for the year: Weighted average Number of Options exercise price C$ Balance, December 31, 2016 14,591,750 2.54 Granted 3,374,000 3.64 Exercised (1,620,750 ) 2.75 Cancelled/Expired (3,766,375 ) 3.53 Balance, December 31, 2017 12,578,625 2.52 Granted 2,739,802 1.08 Cancelled/Expired (1,836,000 ) 2.48 Balance, December 31, 2018 13,482,427 2.22 The fair value of the share-based options granted is determined using the Black Scholes pricing model. For all grants during the year ended December 31, 2018, the weighted average expected life, dividend yield and forfeiture rate were 3.62 years, nil and 2.56%, respectively. For all grants during fiscal 2017, the assumed life, dividend yield and forfeiture rate were 3.44 years, nil and 0.88%, respectively. Other conditions and assumptions were as follows: Weighted Weighted Weighted average risk- Weighted average Black- Number of average free interest average Scholes value options exercise price rate volatility assigned Period C$ C$ Year ended December 31, 2017 3,374,000 3.64 1.55% 64.95% 1.42 Year ended December 31, 2018 2,739,802 1.08 2.37% 68.81% 0.51 The following table summarizes the share-based options outstanding and exercisable at December 31, 2018: Total options outstanding Total options exercisable Weighted average Weighted Weighted average Weighted Range of exercise Number contractual life average Number contractual life average price (years) exercise price (years) exercise price C$ C$ C$0.00-C$1.00 50,000 4.88 0.89 - - - C$1.01-C$2.00 4,884,802 3.29 1.42 1,959,875 2.11 1.92 C$2.01-C$3.00 5,985,625 0.60 2.12 5,985,625 0.60 2.12 C$3.01-C$4.00 2,392,000 3.16 3.97 2,392,000 3.16 3.97 C$4.01-C$5.00 170,000 2.57 4.38 170,000 2.57 4.38 13,482,427 2.07 2.22 10,507,500 1.50 2.54 (b) Restricted Share Units (“RSU”) The Company has an approved Restricted and Performance Share Unit Cash Plan (the “RSU Plan”). Under the RSU Plan, the Company may grant share units from time to time to its directors, officers and employees. RSUs are awards for service which upon vesting and settlement entitle the recipient to receive a cash payment equal to the fair market value of a common share at the vesting date. The Board shall, at its sole discretion, determine any and all vesting conditions of granted RSUs. During the year ended December 31, 2018, the Company granted 2,393,247 RSUs to directors, officers and employees of the Company (2017 – nil). For all RSUs granted during the period, the awards vest in three equal tranches over a service period of three years. The RSUs granted are cash-settled awards and, therefore, represent a financial liability which is required to be marked-to-market at each reporting period-end with changes in fair value recognized in the Statement of Operations and Comprehensive Income (Loss). For the year ended December 31, 2018, the Company recognized share-based compensation expense in relation to RSUs of $0.8 million (2017 – $nil), with $14 capitalized to mineral properties, plant and equipment. As at December 31, 2018, the Company recognized a financial liability for cash-settled RSUs of $0.3 million (December 31, 2017 - $nil). For all RSUs granted during the year ended December 31, 2018, the estimated forfeiture rate was 2.56%. The financial liability associated with the cash-settled awards is recorded in accounts payable and accrued liabilities, for amounts expected to be settled within one year, and a separate non-current liability for amounts to be settled in excess of one year. The balance of the RSU liability as at July 31, 2018 associated with officers and employees of the JV was derecognized upon closing of the JV Transaction (see note 6). (c) Warrants On December 21, 2015, the Company issued 4,000,000 share purchase warrants to Red Kite in conjunction with the drawdown of the final $20.0 million of the loan facility (note 16). The warrants had an exercise price of $1.83 and expired on December 21, 2018. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Commitments and contingencies [text block] | 20. Commitments and contingencies As at December 31, 2018, the Company had contractual obligations totaling $4.0 million (December 31, 2017 - $297.1 million, including long-term debt). As previously disclosed in note 16, upon closing of the JV Transaction on July 31, 2018, the Company settled the Red Kite debt in full, including all outstanding debt principal and accrued interest, totaling $163.8 million. The following table reflects the Company’s contractual obligations as they fall due, excluding commitments and liabilities of the JV, as at December 31, 2018: At December 31, At December 31, Within 1 year 1 - 5 years Over 5 years 2018 2017 Long-term debt and related interest and withholding tax payments - - - - 186,270 Accounts payable and accrued liabilities 3,232 - - 3,232 47,916 Asset retirement provisions (undiscounted) - - - - 45,526 Long-term incentive plan (cash-settled awards) 241 300 - 541 - Mine operating/construction, open purchase orders and operating leases - - - - 17,431 Corporate operating leases 131 71 202 - Total 3,604 371 - 3,975 297,143 In addition to the above commitments, the Company has provided a guarantee on the unfunded portion of the AGM’s reclamation bond in the amount of $6.8 million. Due to the nature of its business, the Company may be subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business. While the Company cannot reasonably predict the ultimate outcome of these actions, and inherent uncertainties exist in predicting such outcomes, the Company believes that the ultimate resolution of these actions is not reasonably likely to have a material adverse effect on the Company’s financial condition or future results of operations. |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Supplemental cash flow information [Text Block] | 21. Supplemental cash flow information The following table discloses non-cash transactions impacting the Statements of Cash Flows. Note that the table below includes the results for the AGM from January 1, 2018 to July 31, 2018, being the period during which the Company controlled the AGM, but does not include the results of the AGM from August 1, 2018 to December 31, 2018. Year ended December 31, 2018 2017 $ $ Change in asset retirement provisions included in mineral properties, plant and equipment (2 ) 4,766 Change in accounts payable related to mineral properties, plant and equipment 3,028 2,655 Reclassification to (from) mineral properties, plant and equipment from (to) VAT receivable - 2,629 Borrowing costs included in mineral properties, plant and equipment - 877 Share-based compensation included in mineral properties, plant and equipment (note 19(a) and 19(b)) 46 607 Changes in non-cash working capital consist of the following: Year ended December 31, 2018 2017 $ $ Receivables (6,879 ) (711 ) VAT receivable (4,132 ) 15,530 Prepaid expenses 28 (158 ) Inventories (17,691 ) (3,759 ) Accounts payable and accrued liabilities (1,195 ) (1,074 ) Change in non-cash working capital (29,869 ) 9,828 |
Investment in Joint Venture
Investment in Joint Venture | 12 Months Ended |
Dec. 31, 2018 | |
Investment In Joint Venture [Abstract] | |
Investment In Joint Venture [Text Block] | 22. Investment in Joint Venture As at December 31, 2018, the Company’s 45% interest in the Asanko Gold Mine was accounted for using the equity method. The following table summarizes the change in the carrying amount of the Company’s investment in the joint venture: Asanko Gold Mine JV $ Balance, January 1, 2018 - Initial recognition of investment in joint venture 127,314 Company's share of net loss of joint venture (1,050 ) Balance, December 31, 2018 126,264 The Company’s share of the net loss of the JV was $1.1 million for the year ended December 31, 2018 (2017 - $nil). Summarized financial information for the Company's investment in the JV, on a 100% basis, including fair value adjustments made as a result of the JV Transaction, is outlined in the table below. Note that for the period January 1, 2018 to July 31, 2018, the Company controlled the AGM and therefore the financial results during this period have been included in the Company’s consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended December 31, 2018. For the period August 1, 2018 to December 31, 2018, the Company did not control the AGM and therefore the financial results during this period have not been consolidated in the Company’s financial statements, rather the Company recognized its 45% share of the net earnings of the AGM from August 1, 2018 to December 31, 2018 in the Statement of Operations and Comprehensive Income (Loss). All disclosures in this note 22 are on a 100% JV basis, unless otherwise indicated. The JV applies the same accounting policies as the Company. Asanko Gold Mine JV (100% basis, unless otherwise indicated) Seven months ended Five months ended Year ended July 31, 2018 December 31, 2018 December 31, 2018 Notes $'000 $'000 $'000 Revenues (i) 161,918 121,955 283,873 Production costs (ii) (79,008 ) (79,039 ) (158,047 ) Depreciation and depletion (41,944 ) (34,329 ) (76,273 ) Royalties (8,096 ) (6,154 ) (14,250 ) Income (loss) from mine operations 32,870 2,433 35,303 Exploration and evaluation expenditures (2,333 ) (1,037 ) (3,370 ) General and administrative expenses (4,566 ) (4,242 ) (8,808 ) Income (loss) from operations 25,971 (2,846 ) 23,125 Fair value adjustment associated with (iii) (126,697 ) (200 ) (126,897 ) JV Transaction Finance income 98 154 252 Finance expense (10,403 ) (685 ) (11,088 ) Foreign exchange gain 135 1,046 1,181 Loss before taxes (110,896 ) (2,531 ) (113,427 ) Current income tax expense (19 ) - (19 ) Deferred income tax recovery (expense) (11,430 ) - (11,430 ) Net loss of the JV for the period (122,345 ) (2,531 ) (124,876 ) The Company has provided the following incremental disclosures for stakeholders to evaluate the financial performance of the AGM. (i) Revenues In 2013, concurrent with the debt project financing (note 16), AGGL entered into an offtake agreement with Red Kite with the following details (the “Offtake Agreement”): - sale of 100% of the future gold production from the AGM up to a maximum of 2.2 million ounces to Red Kite; - Red Kite to pay for 100% of the value of the gold ten business days after shipment. - a provisional payment of 90% of the estimated value will be made one business day after delivery; - the gold sale price will be a spot price selected during a nine- day quotational period following shipment of gold from the mine; - performance obligations of the AGM are satisfied once the refining outturn report is provided to Red Kite; and - should AGGL wish to terminate the Offtake Agreement, a termination fee will be payable according to a schedule dependent upon the total funds drawn under the Red Kite debt arrangement as well as the amount of gold delivered under the Offtake Agreement at the time of termination. The AGM sold 227,772 ounces of gold to Red Kite during the year ended December 31, 2018 in accordance with the Offtake Agreement (year ended December 31, 2017 – 206,079 ounces). Included in revenue of the AGM is $0.9 million relating to by-product silver sales for the year ended December 31, 2018 (year ended December 31, 2017 - $0.7 million). Additionally, $1.1 million of gold sales related to pre-production activities at Esaase were capitalized to MPP&E of the AGM during the year (year ended December 31, 2017 – nil). As of December 31, 2018, 590,511 ounces have been delivered to Red Kite under the Offtake Agreement (December 31, 2017 – 362,739 ounces). The Offtake Agreement was not affected by the JV Transaction and will remain in effect until all outstanding ounces have been delivered to Red Kite or AGGL elects to terminate the Offtake Agreement and pay the associated fee. (ii) Production costs The following is a summary of production costs by nature, on a 100% basis, incurred during the year ended December 31, 2018: Asanko Gold Mine JV (100% basis) Seven months ended Five months ended Year ended July 31, 2018 December 31, 2018 December 31, 2018 $'000 $'000 $'000 Raw materials and consumables (30,401 ) (23,548 ) (53,949 ) Salary and employee benefits (12,713 ) (12,393 ) (25,106 ) Contractors (net of deferred stripping costs) (47,998 ) (46,654 ) (94,652 ) Change in stockpile, gold-in-process and gold dore inventories 15,934 9,250 25,184 Insurance, government fees, permits and other (3,473 ) (5,545 ) (9,018 ) Share-based payments (357 ) (149 ) (506 ) Total production costs (79,008 ) (79,039 ) (158,047 ) During the period August 1, 2018 to December 31, 2018, the AGM recognized a $15.7 million adjustment to the carrying value of its stockpile inventory to reflect the net realizable value of lower grade ore that has been added to stock during the year, $9.9 million of which was recorded as production costs. The AGM is party to an operating lease for mining services performed by a contractor. The lease term is until December 31, 2020 and there are no specific renewal terms attached to the lease. All of the AGM’s concessions are subject to a 5% gross revenue royalty payable to the Government of Ghana. The AGM’s Akwasiso mining concession is also subject to an additional 2% net smelter return royalty payable to the previous owner of the mineral tenement. (iii) Fair value adjustment associated with JV Transaction Of the $143.3 million after-tax consolidated loss associated with loss of control (see note 6), an after-tax amount of $126.9 million was recognized in records of the AGM as follows: $ Mineral properties, plant and equipment (154,675 ) Deferred income tax liability 34,204 (120,471 ) Accelerated accretion on long-term debt (note 16) (6,226 ) Transaction costs directly related to JV Transaction (200 ) Loss associated with loss of control of former Ghanaian subsidiaries (126,897 ) The assets and liabilities of the Asanko Gold Mine JV, on a 100% basis, as at December 31, 2018 were as follows: Asanko Gold Mine Note $ Assets Current assets Cash and cash equivalents 21,648 Receivables 4,513 Inventories (iv) 68,141 Prepaid expenses and deposits 2,693 VAT receivable 12,317 109,312 Non-current assets Inventories (iv) 9,886 Reclamation deposit (v) 1,884 Exploration and evaluation assets 9,649 Mineral properties, plant and equipment (vi) 469,406 490,825 Total assets 600,137 Liabilties Current liabilities Accounts payable and accrued liabilities 52,656 Non-current liabilities Long-term incentive plan liability 217 Asset retirement provisions (vii) 34,036 Total liabilities 86,909 Equity 513,228 Total liabilities and equity 600,137 The Company has provided the following incremental disclosures for stakeholders to evaluate the financial condition of the AGM. All amounts in the following tables are on a 100% basis. (iv) Inventories The following is a summary of inventories held by the AGM, on a 100% basis, as at December 31, 2018: December 31, 2018 $ Gold dore on hand - Gold-in-process 5,325 Ore stockpiles 55,698 Materials and spare parts 17,004 Total inventories 78,027 Less non-current inventories: Ore stockpiles (9,886 ) 68,141 Total current inventories 68,141 During the period August 1, 2018 to December 31, 2018, the AGM recognized a $15.7 million adjustment to the carrying value of its stockpile inventory in order to reflect the net realizable value of lower grade ore that has been added to stock during the period, $9. 9 million of which was recorded as production costs and $5.8 million as depreciation expense. (v) Reclamation deposit The AGM is required to provide security to the Environmental Protection Agency of Ghana (“EPA”) for the performance by the AGM of its reclamation obligations in respect of the Abriem, Abore and Adubea mining leases. The initial security totaled $8.5 million and comprised a reclamation deposit in the amount of $1.7 million and a bank guarantee of $6.8 million, which was provided by Asanko (note 20). The reclamation deposit accrues interest and is carried at $1.9 million at December 31, 2018 (December 31, 2017 - $1.8 million). The AGM deposited the Reclamation Deposit in a Ghanaian Bank in the joint names of the AGM and the EPA. The reclamation deposit matures annually, but the AGM is required to reinstate the deposit until receiving a final reclamation completion certificate from the EPA. The AGM is expected to be released from this requirement 45 days following the third anniversary of the date that the AGM receives a final completion certificate. (vi) Mineral properties, plant and equipment Deferred stripping During the period August 1, 2018 to December 31, 2018, the AGM deferred a total of $14.2 million of stripping costs to depletable mineral interests. During the same period, depletion expense of $14.6 million was charged on deferred stripping assets and was recorded in production costs. Depreciation and depletion During the period August 1, 2018 to December 31, 2018, the AGM recognized depreciation and depletion expense of $34.3 million, of which $3.4 million was allocated to the cost of inventories. (vii) Reclamation provision The following table shows the movement in the asset retirement obligation of the AGM for the years ended December 31, 2018 and 2017: December 31, 2018 December 31, 2017 $ $ Balance, beginning of year 30,790 25,374 Accretion expense 888 650 Change in obligation 2,358 4,766 Balance, end of year 34,036 30,790 The decommissioning liability consists of reclamation and closure costs for the JV’s Ghanaian mining properties. Reclamation and closure activities include land rehabilitation, dismantling of buildings and mine facilities, ongoing care and maintenance and other costs. The undiscounted cash flow amount of the total obligation was $50.4 million as at December 31, 2018 (2017 - $45.5 million) and the present value of the obligation was estimated at $34.0 million (2017 - $30.8 million). The discount rates used by the JV in 2018 (2.78%) and 2017 (2.49%) were based on prevailing risk-free pre-tax rates in the United States (given the majority of reclamation costs will be incurred in US dollars), for periods of time which coincide with the periods over which the decommissioning costs were discounted. The inflation rates used in the asset retirement obligation calculation for 2018 (1.43%) and 2017 (1.70%) were based on US inflation data. (viii) The cash flows of the AGM, on a 100% basis, were as follows for the periods presented: Seven months ended Five months ended Year ended July 31, 2018 December 31, 2018 December 31, 2018 $ $ $ Operating cash flow before working capital changes 67,674 32,780 100,454 Net cash provided by operating activities after working capital changes 41,242 31,245 72,487 Net cash used in investing activities (53,039 ) (32,594 ) (85,633 ) Net cash provided by (used in) financing activities 12,849 (29 ) 12,820 |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Segmented information [Text Block] | 23. Segmented information Geographic Information As at December 31, 2018, the Company has only one reportable operating segment being the corporate head office in Canada. However, prior to the JV Transaction, the Company had two reportable segments during the year. Ghana was the Company’s only segment with mining operations with Canada acting as a head office function. Total assets in Ghana include the Company's 45% interest in the Asanko Gold Mine JV. The operating results presented below include the results of the AGM up to July 31, 2018, the date on which the Company ceased to control the AGM. Geographic allocation of total assets and liabilities December 31, 2018 Canada Ghana Total $ $ $ Current assets 13,102 - 13,102 Mineral properties, plant and equipment 114 - 114 Other non-current assets - 299,399 299,399 Total assets 13,216 299,399 312,615 Current liabilities 3,473 - 3,473 Non-current liabilities 300 - 300 Total liabilities 3,773 - 3,773 December 31, 2017 Canada Ghana Total $ $ $ Current assets 27,673 66,207 93,880 Mineral properties, plant and equipment 56 610,767 610,823 Other non-current assets - 4,082 4,082 Total assets 27,729 681,056 708,785 Current liabilities 1,704 82,663 84,367 Non-current liabilities - 191,811 191,811 Total liabilities 1,704 274,474 276,178 Geographic allocation of the Statement of Operations and Comprehensive Income (loss) December 31, 2018 Canada Ghana Total $ $ $ Revenue - 161,918 161,918 Cost of sales Production costs - (79,008 ) (79,008 ) Depreciation and depletion - (41,944 ) (41,944 ) Royalties - (8,096 ) (8,096 ) Total cost of sales - (129,048 ) (129,048 ) Income from mine operations - 32,870 32,870 Share of net loss related to joint venture (1,050 ) - (1,050 ) Service fee earned as operators of joint venture 1,892 - 1,892 Exploration and evaluation expenditures - (2,333 ) (2,333 ) General and administrative expenses (7,094 ) (4,566 ) (11,660 ) Income (loss) from operations (6,252 ) 25,971 19,719 Loss due to loss of control of subsidiaries (16,364 ) (126,897 ) (143,261 ) Finance income 5,457 98 5,555 Finance expense (334 ) (10,403 ) (10,737 ) Foreign exchange loss (115 ) 135 20 Loss before income taxes (17,608 ) (111,096 ) (128,704 ) Current income tax expense (1,060 ) (19 ) (1,079 ) Deferred income tax expense - (11,430 ) (11,430 ) Net loss and comprehensive loss for the year (18,668 ) (122,545 ) (141,213 ) December 31, 2017 Canada Ghana Total $ $ $ Revenue - 256,203 256,203 Cost of sales Production costs - (116,628 ) (116,628 ) Depreciation and depletion - (64,153 ) (64,153 ) Royalties (12,810 ) (12,810 ) Total cost of sales - (193,591 ) (193,591 ) Income from mine operations - 62,612 62,612 Exploration and evaluation expenditures - (2,050 ) (2,050 ) General and administrative expenses (4,320 ) (8,270 ) (12,590 ) Income (loss) from operations (4,320 ) 52,292 47,972 Finance income 197 412 609 Finance expense (14 ) (17,796 ) (17,810 ) Foreign exchange loss (252 ) (131 ) (383 ) Income (loss) before income taxes (4,389 ) 34,777 30,388 Current income tax expense (1,301 ) - (1,301 ) Deferred income tax expense - (22,774 ) (22,774 ) Net income (loss) and comprehensive income (loss) for the year (5,690 ) 12,003 6,313 |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Capital management [Text Block] | 23. Capital management The Company’s objectives in managing capital are to ensure that the Company has the financial capacity to support its operations with sufficient capability to manage unforeseen operational or industry developments, ensure the Company has the capital and capacity to support the long-term growth strategies of the JV, and to provide returns for shareholders and benefits for other stakeholders. The Company defines capital that it manages as total common shareholders’ equity, being a total of $308.9 million as at December 31, 2018 (December 31, 2017 - $431.9 million). The Company is not subject to externally imposed capital requirements or covenants. The Company manages its capital structure and makes adjustments to it in light of general economic conditions, the risk characteristics of the underlying assets and the Company’s working capital requirements associated with ongoing operations and corporate development plans. In order to maintain or adjust its capital structure, the Company filed a short-form base shelf prospectus on January 15, 2018, which allows the Company to offer up to $300 million of common shares, warrants, subscription receipts, debt securities and units, or any combination thereof, from time to time over a 25-month period. The specific terms of any offering of securities will be subject to approval by the Company’s Board of Directors and the terms of such offering will be set forth in a shelf prospectus supplement. The Company does not currently pay out dividends. The Board of Directors reviews and approves any material transactions out of the ordinary course of business, including proposals on acquisitions or other major investments or divestitures, as well as capital and operating budgets. The Company’s investment policy is to invest its cash in highly liquid short-term interest-bearing investments with maturities of 90 days or less from the original date of acquisition. The Company has not made any changes to its policies and processes for managing capital during the year. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Financial instruments [Text Block] | 24. Financial instruments As at December 31, 2018, the Company’s financial instruments consist of cash and cash equivalents, receivable due from related party, preferred shares in the JV, accounts payable and accrued liabilities and long-term incentive plan liability. The Company classifies cash and cash equivalents and the related party receivable as financial assets measured at amortized cost, while accounts payable and accrued liabilities are classified as other financial liabilities and measured at amortized cost. The long-term incentive plan liability is a financial liability measured at fair value through profit or loss and falls within Level 3 of the fair value hierarchy as discussed below. Refer to note 14 for the classification and measurement of the preferred share financial assets. The fair value hierarchy comprises: Level 1 – fair values based on unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and Level 3 – fair values based on inputs for the asset or liability that are not based on observable market data. The Company’s policy for determining when a transfer occurs between levels in the fair value hierarchy is to assess the impact at the date of the event or the change in circumstances that could result in a transfer. There were no transfers between the levels during 2018 or 2017. The fair values of all financial assets and liabilities measured at amortized cost approximate their carrying values given their short-term to maturity. The risk exposure arising from these financial instruments is summarized as follows: (a) Credit risk Credit risk is the risk of an unexpected loss if a customer or the issuer of a financial instrument fails to meet its contractual obligations. The Company is subject to credit risk on the cash and cash equivalent balances held at banks in each of Canada and South Africa. The risk of loss associated with cash investments is considered to be low as the Company’s cash and cash equivalents were held in highly-rated Canadian and South African banking institutions. As at December 31, 2018, the Company had a receivable due from the JV of $2.3 million (December 31, 2017 - $nil), interest receivable of $61 (December 31, 2017 - $40) and a loan receivable from a third party in the amount of $0.3 million, the latter of which has been fully provided against (December 31, 2017 - $0.9 million). Credit risk associated with the related party receivable is considered to be low based on the liquidity of available funds of the JV. The Company expects to receive GST refunds on a regular basis from the Canada Revenue Agency and makes monthly GST filings (as required by law). The Company does not consider there to be a significant credit risk related to the GST receivable balance as at December 31, 2018. In addition, the Company is exposed to credit risk on its preferred share investments in the JV (note 14). Credit risk associated with the $20.0 million preference shares is considered to be low given the financial condition of the counterparty. With respect to the $184.9 million preference shares, credit risk is mitigated by monitoring the financial condition of the JV on a regular basis. The Company’s maximum exposure to credit risk in relation to the preferred shares at the reporting date is the carrying value of the financial assets totaling $173.1 million. (b) Liquidity risk Liquidity risk encompasses the risk that the Company cannot meet its financial obligations as they fall due. The Company manages liquidity risk through a rigorous planning and budgeting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support current operations, expansion and development plans, and by managing the Company’s capital structure (note 24). By managing liquidity risk, the Company aims to ensure that it will have sufficient liquidity to settle obligations and liabilities as they fall due. Subsequent to the JV Transaction, the Company has no current direct sources of revenue and any free cash flows generated by AGM are no longer within the Company’s exclusive control as the disposition of cash from the JV is governed by the JVA (note 1). However, through a combination of the Company’s cash balance, cash flows from its investment in the JV, and the ongoing management fee receipts from the JV, the Company believes it is in a position to meet all working capital requirements, contractual obligations and commitments as they fall due. The Company’s cash flows, however, and its ability to meet working capital requirements and contractual obligations are significantly influenced by the price of gold and the performance of the AGM. The Company aims to manage its liquidity by ensuring that, even in a low gold price environment, it can manage spending and provide adequate cash flow to meet all commitments. As at December 31, 2018, the Company had a cash and cash equivalents balance of $10.4 million (December 31, 2017 - $49.3 million) allowing it to settle current accounts payable and accrued liabilities of $3.4 million (December 31, 2017 - $47.9 million) as they become due. In addition, the Company is entitled to receive a further $20.0 million payment associated with the JV Transaction, which is payable by Gold Fields by no later than December 31, 2019. (c) Market risk (i) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As disclosed in note 14, the Company holds preferred shares in the JV which are carried at fair value through profit or loss with fair value determined by reference to a discounted cash flow model. Changes in interest rates would impact the discount rate applied to forecast future cash flows and accordingly the fair value of the preferred shares. With other variables, unchanged, a 1% decrease (increase) in the annualized interest rate would have resulted in a $4. 2 million increase (decrease) to after-tax net loss for year ended December 31, 2018. The Company’s cash and cash equivalents earn interest income at variable rates and accordingly future interest income is subject to fluctuations in short-term interest rates. A +/-1% change in short-term interest rates is not expected to have a material impact on the Company’s interest income for the year ended December 31, 2018. (ii) Foreign currency risk As at December 31, 2018 and 2017, the Company’s exposure to foreign currency risk arose was limited to the following balances: December 31, 2018 Foreign currency amount USD Equivalent C$ ZAR GBP $ Cash and cash equivalents 162 2,556 - 311 Receivables 318 - - 233 Accounts payable and accrued liabilities (797 ) (163 ) (42 ) (668 ) Net exposure to foreign currency (317 ) 2,393 (42 ) (124 ) December 31, 2017 Foreign currency amount USD Equivalent C$ GHS $ Cash and cash equivalents 324 18,874 4,416 VAT receivable - 23,003 5,070 Accounts payable and accrued liabilities (895 ) (45,439 ) (10,722 ) Net exposure to foreign currency (571 ) (3,562 ) (1,236 ) A 10% change in the prevailing exchange rates as at December 31, 2018, with all other variables held constant, would have had an immaterial impact on the Company’s earnings (2017 - $53). (iii) Price risk Price risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices, other than those arising from currency risk or interest rate risk. Future cash flows from the JV are expected to be received as redemption of the Company’s preference shares in the JV (note 14). The JV’s available cash flows (to redeem the preference shares issued to the Company) are expected to fluctuate due to changes in gold prices. The JV has not hedged any precious metal sales as part of the AGM’s overall strategy. A 10% increase or decrease in the gold price assumption as at December 31, 2018, with all other variables held constant, would have resulted in a $0.2 million increase (decrease) to the fair value of the Company’s preference shares in the JV (note 14), which would impact the Company’s after-tax net income (loss) by the same amount. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Related party transactions [Text Block] | 25. Related party transactions All transactions with related parties have occurred in the normal course of operations and were measured at the exchange amount agreed to by the parties. All amounts were unsecured, non-interest bearing and have no specific terms of settlement. Under the JVA, the Company entered into a services agreement with the JV whereby the Company will remain manager and operator of the AGM. In consideration for the Company’s services as manager and operator, the JV will pay the Company an annual fee of $6.0 million. The Company earned a service fee of $1.9 million as operators of the JV, which is comprised of a gross service fee of $2.5 million for the period since the closing of the JV Transaction less withholding taxes payable in Ghana of $0.6 million. As at December 31, 2018, the Company had a receivable due from the JV in respect of the service fee in the amount of $2.3 million, net of withholding taxes (December 31, 2017 - $nil). Transactions with key management personnel were as follows: Year ended December 31, 2018 2017 $ $ Salaries and benefits 2,373 1,797 Share-based payments 312 736 Total compensation 2,685 2,533 Key management personnel consist of directors and officers of the Company. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Business combinations [Policy Text Block] | (a) Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The cost of the business combination is measured as the aggregate of the fair value at the date of acquisition of the consideration transferred in exchange for the interest in the acquiree. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognized at their fair values at the acquisition date. The acquisition date is the date the Company obtains control over the acquiree, which is generally the date that consideration is transferred and the Company acquires the assets and assumes the liabilities of the acquiree. The Company considers all relevant facts and circumstances in determining the acquisition date. Acquisition- related costs, other than costs to issue equity securities of the acquirer, including investment banking fees, legal fees, accounting fees, valuation fees and other professional or consulting fees are expensed as incurred. The costs to issue equity securities of the Company as consideration for the acquisition are deducted from share capital as share issue costs. Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the cost of the business combination over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized. If, after reassessment, the Company’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognized immediately in the consolidated statement of operations and comprehensive income (loss). |
Investments in joint arrangements [text block] | (b) Investments in joint arrangements The Company conducts a portion of its business through joint arrangements where the parties are bound by contractual arrangements establishing joint control and decisions about the activities that significantly affect the returns of the investee require unanimous consent. A joint arrangement is classified as either a joint operation or a joint venture, subject to the terms that govern each investor's rights and obligations in the arrangement. In a joint operation, the investor has rights and obligations to the separate assets and liabilities of the investee and in a joint venture, the investors have rights to the net assets of the joint arrangement. For a joint operation, the Company recognizes its share of the assets, liabilities, revenue, and expenses of the joint arrangement, while for a joint venture, the Company accounts for its investment in the joint arrangement using the equity method. Under the equity method, the Company’s investment in a joint venture is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of net earnings or losses of the joint venture, after any adjustments necessary for impairment losses after the initial recognition date. The total carrying amount of the Company's investment in a joint venture also includes any long-term debt interests which in substance form part of the Company's net investment. The Company’s share of a joint venture’s losses that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture. The Company's share of net earnings or losses of a joint venture are recognized in net earnings during the period. Dividends and repayment of capital received from a joint venture are accounted for as a reduction in the carrying amount of the Company’s investment. Intercompany balances between the Company and its joint ventures are not eliminated. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in a joint venture is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the joint venture’s operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value-in-use. If the recoverable amount of an investment is less than the carrying amount, the carrying amount is reduced to its recoverable amount and a corresponding impairment loss is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of the recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in net earnings in the period in which the reversal occurs. Similar to the assessment of impairment for subsidiaries, the Company reviews the mining properties and plant and equipment for a joint operation at the cash-generating unit level to determine whether there is any indication that these assets are impaired. |
Non-controlling interest [Policy Text Block] | (c) Non- controlling interest Non- controlling interests in the Company’s less than wholly-owned subsidiaries, if any, are classified as a separate component of equity. Non-controlling interests are recorded at their proportionate share of the fair value of identifiable net assets acquired on initial recognition. Subsequent to the acquisition date, adjustments are made to the carrying amount of the non- controlling interests for the non- controlling interests’ share of changes to the subsidiary’s equity. In the event an arrangement (either contractual or statutory) exists between the Company and the non-controlling interest whereby losses and all commitments are assumed by the parent entity, then net income is allocated between the Company and non- controlling interest on the consolidated statement of operations and comprehensive income (loss) in accordance with the terms of the arrangement. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests’ relative interest in the subsidiary and the difference to the carrying amount of the non-controlling interests and the Company’s share of proceeds received and/or consideration paid is recognized in equity and attributed to the shareholders of the Company. |
Foreign currency translation [Policy Text Block] | (d) Foreign currency translation Transactions in foreign currencies are initially recorded at the functional currency rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange at the date of the statement of financial position. Foreign exchange gains (losses) are recorded in the consolidated statement of operations and comprehensive income (loss) for the period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. |
Cash and cash equivalents [Policy Text Block] | (e) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and short-term investments with original maturity dates of less than ninety days or that are fully redeemable without penalty or loss of interest. |
Inventories [Policy Text Block] | (f) Inventories Gold on hand, gold in process and stockpiled ore inventories are recorded at the lower of weighted average production cost and net realizable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and applicable depreciation and depletion. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long- term metal prices less estimated future costs to convert the inventories from their respective states into saleable form less estimated costs to sell. Production costs are included in work-in-process inventory based on current costs incurred up to the point of dore production. The costs of finished goods represent the costs of work- in-process inventories plus applicable treatment costs. The costs of inventories sold during the period are presented as cost of sales in the statement of operations and comprehensive income (loss) for the period. Additions to the cost of ore stockpiles are based on the related current cost of production for the period, while reductions in the cost of ore stockpiles are based on the weighted-average cost per tonne of ore in the stockpile. Stockpiles are segregated between current and non-current inventories in the consolidated statement of financial position based on the planned period of usage. Supplies and spare parts are valued at the lower of weighted-average cost and net realizable value. Replacement costs of materials and spare parts are generally used as the best estimate of net realizable value. Provisions are recorded to reduce the carrying amount of materials and spare parts inventory to net realizable value to reflect current intentions for the use of redundant or slow-moving items. Provisions for redundant and slow-moving items are made by reference to specific items of inventory. The Company reverses write-downs where there is a subsequent increase in net realizable value and where the inventory is still on hand. |
Mineral properties, plant and equipment [Policy Text Block] | (g) Mineral properties, plant and equipment (i) Mineral properties Recognition Capitalized costs of mining properties include the following: costs assigned to mining properties acquired in business combinations; expenditures incurred to develop mineral properties including pre-production stripping costs; stripping costs in the production phase of a mine if certain criteria have been met (see below); costs to define and delineate known economic resources and develop the project; borrowing costs attributable to qualifying mining properties; costs incurred during testing of the processing facility, net of proceeds from sales, prior to operating in the manner intended by management; and estimates of reclamation and closure costs. Stripping costs In open pit mining operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore from which minerals can be extracted economically. Stripping costs incurred in order to provide initial access to the ore body (referred to as pre-production stripping) are capitalized as incurred. Stripping costs incurred during the production stage of an open pit mine are accounted for as production costs in the consolidated statement of operations and comprehensive income (loss) during the period that the stripping costs were incurred, unless these costs provide a future economic benefit. Production phase stripping costs are considered to generate a future economic benefit when (i) it is probable that future economic benefit associated with the stripping activity will flow to the entity; (ii) the entity can identify the component of the ore body for which access has been improved; and (iii) the costs relating to the stripping activity associated with that component can be measured reliably. These costs are capitalized as mine development costs. Production costs are allocated between inventory produced and the stripping asset based on the volume of waste extracted compared with the expected volume, for a given volume of ore production. Stripping costs incurred and capitalized during the production phase are depleted using the units-of-production method over the proven and probable reserves of the component of the ore body to which access has been improved as a result of the specific stripping activity. Management reviews the estimates of the waste and ore in each identified component of operating open pit mines at the end of each financial year, and when events and circumstances indicate that such a review should be made. Deferred stripping assets are written-down to their recoverable amount when their carrying value is not considered supportable. Changes to the estimated identification of components and the associated waste and ore within each component are accounted for prospectively. Exploration and evaluation expenditures Exploration and evaluation expenditures include the costs of acquiring rights to explore, exploratory drilling and related exploration costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contain proven and probable reserves. Exploration and evaluation expenditures incurred on a mineral deposit, with the exception of acquisition costs and costs arising from the recognition of an asset retirement obligation, are expensed as incurred up to the date of establishing that costs incurred on a mineral deposit are technically feasible and commercially viable. Expenditures incurred on a mineral deposit subsequent to the establishment of its technical feasibility and commercial viability are capitalized and included in the carrying amount of the related mining property. The technical feasibility and commercial viability of a mineral deposit is assessed based on a combination of factors, such as, but not limited to: - the extent to which mineral reserves or mineral resources have been identified through a feasibility study or similar level document; - the results of optimization studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study; - the status of environmental permits, and - the status of mining leases or permits. Borrowing costs Borrowing costs directly relating to the financing of qualifying assets are added to the capitalized cost of those related assets until such time as the assets are substantially ready for their intended use or sale which, in the case of mining properties, is when they are capable of commercial production. Where funds have been borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. Capitalized borrowing costs are depreciated over the life of the related asset. All other borrowing costs are recognized in the consolidated statement of operations and comprehensive income (loss) in the year in which they are incurred. Borrowing costs are included as part of interest paid in the statement of cash flows. Depletion Mining properties in production are depleted on a mine-by-mine basis using the units-of-production method over the mine’s estimated proven and probable reserves, with the exception of deferred stripping which is depleted using the unit -of- production method over the reserves that directly benefit from the specific stripping activity, and will commence when the mine is capable of operating in the manner intended by management. The Company uses a number of criteria to assess whether the mine is in the condition necessary for it to be capable of operating in a manner intended by management. These criteria include, but are not limited to: - completion of operational commissioning of each major mine and plant component; - demonstrated ability to mine and mill consistently and without significant interruption at a pre-determined average rate of designed capacity; - the passage of a reasonable period of time for testing of all major mine and plant components; - gold recoveries at or near expected production levels; and - a significant portion of available funding is directed towards operating activities. Mining properties in development are not depleted. (ii) Plant and equipment Recognition The cost of plant and equipment consists of the purchase price, costs directly attributable to the delivery of the asset to the location and the condition necessary for it to be capable of operating in the manner intended by management, including the cost of testing whether these assets are operating in the manner intended by management. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. Where significant components of an asset have differing useful lives, depreciation is calculated on each separate component. Depreciation Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management . The carrying amounts of plant and equipment are depreciated using either the straight-line or units-of-production method over the shorter of the estimated useful life of the asset or the life of mine. The significant classes of depreciable plant and equipment and their estimated useful lives are as follows: Asset Class Estimated Useful Life Fixed plant & related components and infrastructure Units of production over life of mine Mobile and other mine equipment components 3 to 12 years Computer equipment and software 3 years Management reviews the estimated useful lives, residual values and depreciation methods of the Company’s plant and equipment at the end of each financial year, and when events and circumstances indicate that such a review should be made. Changes to estimated useful lives, residual values or depreciation methods resulting from such review are accounted for prospectively. Major maintenance and repairs Expenditure on major maintenance and repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that future economic benefits associated with the item will be available to the Company, that expenditure is capitalized and the carrying amount of the item replaced derecognized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefits will be available and any remaining carrying amounts of the cost of previous overhauls are derecognized. All other maintenance and repair costs are expensed as incurred. (iii) Assets under construction Assets under construction include property, plant and equipment in the course of construction for the Company’s own purposes. Assets under construction are carried at cost less any recognized impairment loss and are not subject to depreciation. The cost comprises the purchase price and any costs directly attributable to bringing it into working condition for its intended use. Depreciation of these assets commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. (iv) Impairment of non-financial assets The carrying amounts of assets included in mining interests are reviewed for impairment when events and changes in circumstances indicate that the related carrying amounts may not be recoverable. If any such indication exists, the recoverable amount of the relevant cash-generating unit (“CGU”) is estimated in order to determine the extent of impairment. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Previously, the Company’s CGUs were its significant mine sites, represented by its principal producing mining properties and significant development projects. The carrying amounts of the CGUs are compared to their recoverable amounts where the recoverable amount is the higher of value- in-use and fair value less costs to sell (“FVLCS”). For mining assets, when a binding sale agreement and observable market prices are not readily available, FVLCS is estimated using a discounted cash flow approach for each of the Company’s cash generating units (CGUs) to which the individual assets are allocated. The assumptions used in determining the FVLCS for the CGU’s include long-term mining plans, long-term commodity prices, discount rates and foreign exchange rates. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. An impairment is recognized immediately in the consolidated statement of operations and comprehensive income (loss). Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable amount (however, the increased carrying amount shall not exceed the net carrying amount that would have been recognized should no impairment loss have been previously recognized for the asset (or CGU) in prior years). (v) Derecognition Upon disposal or abandonment, the carrying amounts of mining properties and plant and equipment are derecognized and any associated gains or losses are recognized in the consolidated statement of operations and comprehensive income (loss). |
Provisions [Policy Text Block] | (h) Provisions General Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statement of operations and comprehensive income (loss) net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre- tax rate that reflects where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as finance expense in the consolidated statement of operations and comprehensive income (loss). Asset retirement provisions An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The Company records the estimated present value of future cash flows associated with site reclamation as a liability when the liability is incurred with a corresponding increase in the carrying value of the related assets. Discount rates using a pre-tax, risk-free rate that reflect the time value of money are used to calculate the net present value. The liability is accreted over time to reflect the unwinding of the discount with the accretion expense included in finance costs in the consolidated statement of operations and comprehensive income (loss). Changes in estimates or circumstances include changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates, changes to the discount rate and changes to the risk-free interest rates. |
Revenue from contracts with customers [Text Block] | (i) Revenue from contracts with customers Revenue is derived from the sale of gold and by-products. Revenue is recognized for contracts with customers when there is persuasive evidence that all of the following criteria are met: - the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations; - the Company can identify each party's rights regarding the goods or services to be transferred; - the Company can identify the payment terms for the goods or services to be transferred; - the contract has commercial substance (i.e. the risk, timing or amount of the Company’s future cash flows is expected to change as a result of the contract); and - it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenue from gold is generally recorded at the time of physical delivery of the refined gold, which is also the date when control of the gold passes to the customer. Revenue from saleable gold produced during the testing phase of production activities is deducted from capitalized mine development costs. |
Royalties and mining taxes [Policy Text Block] | (j) Royalties and mining taxes Payments to governments that are based on a measure of income less expense are accounted for in accordance with the Company’s income tax accounting policy. Payments to governments which are based on gross amounts such as revenue are classified in accordance with the substance of the transaction; this means that for royalties calculated based on revenues, the royalty is presented as a reduction of revenues and that for royalties calculated based on production costs, the royalty is presented as an increase in cost of sales. |
Financial instruments [Policy Text Block] | (k) Financial instruments (i) Financial assets Recognition and measurement The Company recognizes a financial asset in its statement of financial position when the Company becomes party to the contractual provisions of the instrument. All financial assets are initially recorded at fair value plus directly attributable transaction costs and classified as either (i) financial assets subsequently measured at amortized cost, (ii) financial assets subsequently measured at fair value through other comprehensive income or (iii) financial assets subsequently measured at fair value through profit or loss. The basis of classification takes into consideration both the Company’s business model for managing and the contractual cash flow characteristics of the financial assets. A financial asset is measured at amortized cost if the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through other comprehensive income if the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income. Fair value changes in financial assets classified as fair value through profit or loss, if any, are recognized in the consolidated statement of operations and comprehensive income (loss). Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: - the contractual rights to receive cash flows from the asset have expired, or - the Company has transferred its contractual rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through ‘arrangement; and either (a) the Company has transferred substantially all the risks and rewards of ownership of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (ii) Financial liabilities Recognition and measurement All financial liabilities are initially recorded at fair value less transaction costs . All financial liabilities are subsequently measured at amortized cost using the effective interest method, except for: - financial liabilities at fair value through profit or loss; - financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies; - financial guarantee contracts; - commitments to provide a loan at a below-market interest rate; and - contingent consideration recognized by an acquirer in a business combination to which IFRS 3, Business combinations An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss when a contract contains one or more embedded derivatives, or when doing so results in more relevant information, because either (a) it eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch); or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis. Fair value changes of financial liabilities classified as fair value through profit or loss, if any, are recognized in the consolidated statement of operations and comprehensive income (loss). (iii) Embedded derivatives The Company may enter into derivative contracts or financial instruments and non-financial contracts containing embedded derivatives. Embedded derivatives are required to be accounted for separately at fair value as derivatives when the risks and characteristics of the embedded derivatives are not closely related to those of their host contract, and the host contract is not designated as fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognized in the consolidated statement of operations and comprehensive income (loss). |
Share-based compensation [Policy Text Block] | (l) Share-based compensation The Company has a share option plan and restricted share unit (RSU) plan which are described in notes 19(a) and 19(b), respectively. For share options, the fair value of share-based compensation awards is determined at the date of grant using the Black-Scholes option pricing model. The Company records all share-based compensation for options using the fair value method with graded vesting. Under the fair value method, share-based payments are measured at the fair value of the consideration received or the fair value of the equity instruments issued or liabilities incurred, whichever is more reliably measurable, and are charged over the vesting period to the consolidated statement of operations and comprehensive income (loss). The offset is credited to Equity reserves (within equity in the consolidated statement of financial position) rateably over the vesting period, after adjusting for the number of awards that are expected to vest. Expenses recognized for forfeited awards are reversed. For awards that are cancelled, any expense not yet recognized is recognized immediately in the statement of operations and comprehensive income (loss). Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified over the original vesting period. In addition, an expense is recognized for any modification which increases the total fair value of the share- based payment arrangement as measured at the date of modification, over the remainder of the vesting period. For cash-settled share-based payments, including RSUs, the Company measures the goods or services acquired and the liability incurred at the fair value of the liability. The corresponding share- based compensation expense is recognized over the vesting period of the award . As these awards will be settled in cash, the liability is remeasured at fair value at each reporting period and at the date of settlement, with changes in fair value recognized in the consolidated statement of operations and comprehensive income (loss) in the period incurred. |
Income taxes [Policy Text Block] | (m) Income taxes Income tax on the profit or loss for the periods presented comprises current and deferred income tax. Income tax is recognized in the consolidated statement of operations and comprehensive income (loss) except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred income tax is recognized in respect of unused tax losses, tax credits and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax rates that have been substantively enacted at the reporting date. A deferred income tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a future income tax asset will be recovered, it does not recognize the asset. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis. The Company records foreign exchange gains and losses representing the impacts of movements in foreign exchange rates on the tax bases of non-monetary assets and liabilities which are denominated in foreign currencies. Foreign exchange gains and losses relating to the translation of the deferred income tax balance from local statutory accounts to functional currency accounts are included in deferred income tax expense or recovery in the consolidated statement of operations and comprehensive income (loss). |
Income (loss) per share [Policy Text Block] | (n) Income (loss) per share Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The computation of diluted income (loss) per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on income (loss) per share. For this purpose, the treasury stock method is used for the assumed proceeds upon the exercise of stock options and warrants that are used to purchase common shares at the average market price during the period. |
Basis of presentation (Tables)
Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of subsidiaries [Table Text Block] | Classification and accounting Affiliate name Location Interest method Asanko Gold South Africa (PTY) Ltd. South Africa 100% Consolidated Asanko International (Barbados) Inc. Barbados 100% Consolidated Asanko Gold (Barbados) Inc. Barbados 100% Consolidated Asanko Gold Ghana Limited Ghana 45% Joint venture; equity method Adansi Gold Company (GH) Limited Ghana 50% Joint venture; equity method Shika Group Finance Limited Isle of Man 50% Joint venture; equity method |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] | Asset Class Estimated Useful Life Fixed plant & related components and infrastructure Units of production over life of mine Mobile and other mine equipment components 3 to 12 years Computer equipment and software 3 years |
Changes in accounting standar_2
Changes in accounting standards (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Disclosure of effect of overlay approach reclassification on profit or loss [Table Text Block] | As reported at Effect of adoption As at December 31, 2017 of IFRS 9 December 31, 2017 Statement of Financial Position Non-current portion of long-term debt $ 121,877 $ (2,637 ) $ 119,240 Deficit (180,367 ) 2,467 (177,900 ) Non-controlling interest 570 170 740 Statement of Operations and Comprehensive Income (Loss) Finance expense $ 17,476 $ 334 $ 17,810 Net income attributable to: Common shareholders of the Company 6,077 (301 ) 5,776 Non-controlling interest 570 (33 ) 537 | As reported at Effect of adoption As at December 31, 2016 of IFRS 9 January 1, 2017 Statement of Financial Position Non-current portion of long-term debt $ 154,503 $ (2,971 ) $ 151,532 Accumulated deficit (186,444 ) 2,768 (183,676 ) Non-controlling interest - 203 203 |
Joint venture transaction (Tabl
Joint venture transaction (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Joint Venture Transaction [Abstract] | |
Disclosure of recognized associates | July 31, 2018 $ Fair value of interest retained Fair value of financial assets (note 14) 168,081 Fair value of equity interest in JV 127,314 295,395 Less net assets derecognized Cash and cash equivalents 24,368 Receivables 6,356 Inventories 63,460 Prepaid expenses and deposits 3,274 VAT receivable 9,672 Reclamation deposit 1,851 Exploration and evaluation assets 13,085 Mineral properties, plant and equipment 602,989 Accounts payable and accrued liabilities (47,269 ) Financial liabilities (165,000 ) Long-term incentive plan liability (64 ) Asset retirement provisions (31,217 ) Deferred income tax liability (53,211 ) Non-controlling interest (899 ) 427,395 (132,000 ) Accelerated accretion on long-term debt (note 16) (6,226 ) Transaction costs directly related to JV Transaction (5,035 ) Loss associated with loss of control of former Ghanaian subsidiaries (143,261 ) |
Disclosure of loss associated with the loss of control of assets and liabilities | $ Mineral properties, plant and equipment (note 15) (185,211 ) Deferred income tax liability (note 11) 53,211 (132,000 ) Accelerated accretion on long-term debt (note 16) (6,226 ) Transaction costs directly related to JV Transaction (5,035 ) Loss associated with loss of control of former Ghanaian subsidiaries (143,261 ) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of receivables from contracts with customers [Table Text Block] | Year ended December 31, 2018 2017 Balance, beginning of year 1,249 616 Revenue recognized 161,918 256,203 Payments collected (156,880 ) (255,570 ) Derecognized on closing of JV Transaction (6,287 ) - Balance, end of year - 1,249 |
Production costs by nature (Tab
Production costs by nature (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of expenses by nature [Table Text Block] | Year ended December 31, 2018 2017 $ $ Raw materials and consumables (30,401 ) (50,925 ) Salary and employee benefits (12,782 ) (20,621 ) Contractors (net of deferred stripping costs (note 15(b)) (47,929 ) (37,742 ) Change in stockpile, gold-in-process and gold dore inventories 15,934 (2,345 ) Insurance, government fees, permits and other (3,473 ) (3,684 ) Share-based payments (357 ) (1,311 ) Total production costs (79,008 ) (116,628 ) |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about general and administrative expense [Table Text Block] | Year ended December 31, 2018 2017 $ $ Wages, benefits and consulting (6,533 ) (7,241 ) Office, rent and administration (1,527 ) (1,132 ) Professional and legal (1,308 ) (1,556 ) Share-based payments (1,258 ) (1,418 ) Travel, marketing, investor relations and regulatory (987 ) (1,175 ) Other (47 ) (68 ) Total (11,660 ) (12,590 ) |
Finance expense (Tables)
Finance expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about finance expense [Table Text Block] | Year ended December 31, 2018 2017 $ $ Note 4 (a) Interest charges on Red Kite loan and associated withholding taxes (note 16) (9,987 ) (17,160 ) Accretion charges on asset retirement provisions (429 ) (650 ) Other (321 ) - Total (10,737 ) (17,810 ) |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about effective income tax expense recovery [Table Text Block] | Year ended December 31, 2018 2017 $ $ Average statutory tax rate 27% 26% Income (loss) before income taxes (128,704 ) 30,388 Expected income tax expense (recovery) (34,750 ) 7,901 Increase in income tax expense (recovery) resulting from: Loss associated with loss of control 47,312 - Permanent differences (608 ) (184 ) True-up prior year balances (564 ) 3,688 Effect of differences in tax rate in foreign jurisdictions (7,164 ) 3,214 Change in unrecognized tax assets 7,240 9,099 Withholding tax 1,079 1,301 Foreign exchange and other (36 ) (944 ) Income tax expense 12,509 24,075 |
Disclosure of deferred taxes [Table Text Block] | Year ended December 31, 2018 2017 $ $ Mineral properties, plant and equipment - (48,475 ) Asset retirement provisions - 6,694 - (41,781 ) Deferred tax assets - 6,694 Deferred tax liabilities - (48,475 ) |
Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] | Year ended December 31, 2018 2017 $ $ Mineral properties, plant and equipment 50 11,440 Share issuance costs 146 302 Investment in associate 275 275 Asset retirement provision - 4,083 Unrealized foreign exchange - (788 ) Foreign exchange loss carried forward - 509 Capital losses 2,476 - Non-capital losses carried forward 12,689 33,464 Total 15,636 49,285 |
Non-controlling interest (Table
Non-controlling interest (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of non controlling interest | $ Note 4 (a) Balance, December 31, 2016 203 Net earnings attributable to non-controlling interest 537 Balance, December 31, 2017 740 Net earnings attributable to non-controlling interest 159 Derecognition due to loss of control of Ghanaian subsidiaries (note 6) (899 ) Balance, December 31, 2018 - |
Earnings (loss) per share att_2
Earnings (loss) per share attributable to common shareholders (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Earnings per share [Table Text Block] | Year ended December 31, 2018 2017 Earnings ($) Net income (loss) attributable to common shareholders (141,372 ) 5,776 Number of shares Weighted average number of ordinary shares - basic 220,108,770 203,333,111 Effect of dilutive share options and warrants - 1,061,341 Weighted average number of ordinary shares - diluted 220,108,770 204,394,452 |
Financial assets (Tables)
Financial assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of financial assets [abstract] | |
Disclosure of redeemable preference shares with no fixed redemption date | $ Balance, December 31, 2017 - Initial recognition of preferred shares at fair value 148,850 Fair value adjustment for the year 4,801 Balance, December 31, 2018 153,651 |
Disclosure of redeemable preference share with determinable redemption date | $ Balance, December 31, 2017 - Initial recognition of preferred shares at fair value 19,231 Accretion income for the year 253 Balance, December 31, 2018 19,484 |
Mineral properties, plant and_2
Mineral properties, plant and equipment and exploration and evaluation assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about mineral properties [Table Text Block] | Mineral interests Non- Exploration and Plant, buildings Assets under Corporate Depletable depletable evaluation and equipment construction assets Total assets $ $ $ $ $ $ $ Cost: As at December 31, 2016 146,145 89,089 12,757 340,962 7,341 723 597,017 Additions 73,486 6,244 328 7,032 39,274 23 126,387 Changes in rehabilitiation provision 4,970 (204 ) - - - - 4,766 Reclassification of VAT recoverable 2,629 - - - - - 2,629 Transfers 17,127 (16,592 ) - 18,677 (19,212 ) - - As at December 31, 2017 244,357 78,537 13,085 366,671 27,403 746 730,799 Additions 45,497 141 - 2,264 9,084 21 57,007 Changes in rehabilitation provision 556 (558 ) - - - - (2 ) Transfers 11,069 (5,959 ) - 20,949 (26,059 ) - - 301,479 72,161 13,085 389,884 10,428 767 787,804 Less: Assets of the AGM (note 6) (301,479 ) (72,161 ) (13,085 ) (389,884 ) (10,428 ) (318 ) (787,355 ) As at December 31, 2018 - - - - - 449 449 Accumulated depreciation and depletion: As at December 31, 2016 (23,405 ) - - (31,793 ) - (575 ) (55,773 ) Depreciation and depletion (42,354 ) - - (21,808 ) - (41 ) (64,203 ) As at December 31, 2017 (65,759 ) - - (53,601 ) - (616 ) (119,976 ) Depreciation and depletion (34,395 ) - - (17,200 ) - (44 ) (51,639 ) Loss associated with loss of control (note 6) (64,537 ) (30,911 ) (3,417 ) (83,807 ) (2,539 ) - (185,211 ) (164,691 ) (30,911 ) (3,417 ) (154,608 ) (2,539 ) (660 ) (356,826 ) Less: Assets of the AGM (note 6) 164,691 30,911 3,417 154,608 2,539 325 356,491 As at December 31, 2018 - - - - - (335 ) (335 ) Net book value: As at December 31, 2017 178,598 78,537 13,085 313,070 27,403 130 610,823 As at December 31, 2018 - - - - - 114 114 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about long-term debt [Table Text Block] | December 31, 2018 December 31, 2017 $ $ Note 4 (a) Gross proceeds 150,000 150,000 Accrued interest 13,894 13,894 Loan obligation 163,894 163,894 Deferred financing costs (16,475 ) (16,475 ) Interest and withholding taxes paid (41,390 ) (33,197 ) Loan accretion 61,095 44,699 Gain on loan modification (3,230 ) (3,230 ) 163,894 155,691 Repayment of principal and accrued interest (163,894 ) - Total debt - 155,691 Current portion of debt - 36,451 Non-current portion of debt - 119,240 |
Asset retirement obligation (Ta
Asset retirement obligation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about asset retirement obligation [Table Text Block] | December 31, 2018 December 31, 2017 $ $ Balance, beginning of year 30,790 25,374 Accretion expense 429 650 Change in obligation (2 ) 4,766 Derecognition upon closing of JV Transaction (note 6) (31,217 ) - Balance, end of year - 30,790 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of classes of share capital [Table Text Block] | Number of shares Amount $ Balance, December 31, 2016 201,829,207 556,256 Issued pursuant to exercise of share-based options (note 19(a)) 1,620,750 5,185 Balance, December 31, 2017 203,449,957 561,441 Issued pursuant to private placement, net of share issuance cost (note 18(c)) 22,354,657 17,412 Balance, December 31, 2018 225,804,614 578,853 |
Equity reserves (Tables)
Equity reserves (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Weighted average Number of Options exercise price C$ Balance, December 31, 2016 14,591,750 2.54 Granted 3,374,000 3.64 Exercised (1,620,750 ) 2.75 Cancelled/Expired (3,766,375 ) 3.53 Balance, December 31, 2017 12,578,625 2.52 Granted 2,739,802 1.08 Cancelled/Expired (1,836,000 ) 2.48 Balance, December 31, 2018 13,482,427 2.22 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | Weighted Weighted Weighted average risk- Weighted average Black- Number of average free interest average Scholes value options exercise price rate volatility assigned Period C$ C$ Year ended December 31, 2017 3,374,000 3.64 1.55% 64.95% 1.42 Year ended December 31, 2018 2,739,802 1.08 2.37% 68.81% 0.51 |
Disclosure of range of exercise prices of outstanding share options [Table Text Block] | Total options outstanding Total options exercisable Weighted average Weighted Weighted average Weighted Range of exercise Number contractual life average Number contractual life average price (years) exercise price (years) exercise price C$ C$ C$0.00-C$1.00 50,000 4.88 0.89 - - - C$1.01-C$2.00 4,884,802 3.29 1.42 1,959,875 2.11 1.92 C$2.01-C$3.00 5,985,625 0.60 2.12 5,985,625 0.60 2.12 C$3.01-C$4.00 2,392,000 3.16 3.97 2,392,000 3.16 3.97 C$4.01-C$5.00 170,000 2.57 4.38 170,000 2.57 4.38 13,482,427 2.07 2.22 10,507,500 1.50 2.54 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about commitments [Table Text Block] | At December 31, At December 31, Within 1 year 1 - 5 years Over 5 years 2018 2017 Long-term debt and related interest and withholding tax payments - - - - 186,270 Accounts payable and accrued liabilities 3,232 - - 3,232 47,916 Asset retirement provisions (undiscounted) - - - - 45,526 Long-term incentive plan (cash-settled awards) 241 300 - 541 - Mine operating/construction, open purchase orders and operating leases - - - - 17,431 Corporate operating leases 131 71 202 - Total 3,604 371 - 3,975 297,143 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of detailed information about cash flow information [Table Text Block] | Year ended December 31, 2018 2017 $ $ Change in asset retirement provisions included in mineral properties, plant and equipment (2 ) 4,766 Change in accounts payable related to mineral properties, plant and equipment 3,028 2,655 Reclassification to (from) mineral properties, plant and equipment from (to) VAT receivable - 2,629 Borrowing costs included in mineral properties, plant and equipment - 877 Share-based compensation included in mineral properties, plant and equipment (note 19(a) and 19(b)) 46 607 |
Disclosure of changes in noncash working capital [Table Text Block] | Year ended December 31, 2018 2017 $ $ Receivables (6,879 ) (711 ) VAT receivable (4,132 ) 15,530 Prepaid expenses 28 (158 ) Inventories (17,691 ) (3,759 ) Accounts payable and accrued liabilities (1,195 ) (1,074 ) Change in non-cash working capital (29,869 ) 9,828 |
Investment in Joint Venture (Ta
Investment in Joint Venture (Tables) - Asanko Gold Mine (AGM) [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of Investment in Joint Venture using equity method | Asanko Gold Mine JV $ Balance, January 1, 2018 - Initial recognition of investment in joint venture 127,314 Company's share of net loss of joint venture (1,050 ) Balance, December 31, 2018 126,264 |
Disclosure of statement of operations of Joint Venture | Asanko Gold Mine JV (100% basis, unless otherwise indicated) Seven months ended Five months ended Year ended July 31, 2018 December 31, 2018 December 31, 2018 Notes $'000 $'000 $'000 Revenues (i) 161,918 121,955 283,873 Production costs (ii) (79,008 ) (79,039 ) (158,047 ) Depreciation and depletion (41,944 ) (34,329 ) (76,273 ) Royalties (8,096 ) (6,154 ) (14,250 ) Income (loss) from mine operations 32,870 2,433 35,303 Exploration and evaluation expenditures (2,333 ) (1,037 ) (3,370 ) General and administrative expenses (4,566 ) (4,242 ) (8,808 ) Income (loss) from operations 25,971 (2,846 ) 23,125 Fair value adjustment associated with (iii) (126,697 ) (200 ) (126,897 ) JV Transaction Finance income 98 154 252 Finance expense (10,403 ) (685 ) (11,088 ) Foreign exchange gain 135 1,046 1,181 Loss before taxes (110,896 ) (2,531 ) (113,427 ) Current income tax expense (19 ) - (19 ) Deferred income tax recovery (expense) (11,430 ) - (11,430 ) Net loss of the JV for the period (122,345 ) (2,531 ) (124,876 ) The assets and liabilities of the Asanko Gold Mine JV, on a 100% basis, as at December 31, 2018 were as follows: Asanko Gold Mine Note $ Assets Current assets Cash and cash equivalents 21,648 Receivables 4,513 Inventories (iv) 68,141 Prepaid expenses and deposits 2,693 VAT receivable 12,317 109,312 Non-current assets Inventories (iv) 9,886 Reclamation deposit (v) 1,884 Exploration and evaluation assets 9,649 Mineral properties, plant and equipment (vi) 469,406 490,825 Total assets 600,137 Liabilties Current liabilities Accounts payable and accrued liabilities 52,656 Non-current liabilities Long-term incentive plan liability 217 Asset retirement provisions (vii) 34,036 Total liabilities 86,909 Equity 513,228 Total liabilities and equity 600,137 |
Disclosure of production costs of joint venture | Asanko Gold Mine JV (100% basis) Seven months ended Five months ended Year ended July 31, 2018 December 31, 2018 December 31, 2018 $'000 $'000 $'000 Raw materials and consumables (30,401 ) (23,548 ) (53,949 ) Salary and employee benefits (12,713 ) (12,393 ) (25,106 ) Contractors (net of deferred stripping costs) (47,998 ) (46,654 ) (94,652 ) Change in stockpile, gold-in-process and gold dore inventories 15,934 9,250 25,184 Insurance, government fees, permits and other (3,473 ) (5,545 ) (9,018 ) Share-based payments (357 ) (149 ) (506 ) Total production costs (79,008 ) (79,039 ) (158,047 ) |
Disclosure of after-tax amount recognized in records of AGM of joint venture | $ Mineral properties, plant and equipment (154,675 ) Deferred income tax liability 34,204 (120,471 ) Accelerated accretion on long-term debt (note 16) (6,226 ) Transaction costs directly related to JV Transaction (200 ) Loss associated with loss of control of former Ghanaian subsidiaries (126,897 ) |
Disclosure of summary of inventories held by the AGM of joint venture | December 31, 2018 $ Gold dore on hand - Gold-in-process 5,325 Ore stockpiles 55,698 Materials and spare parts 17,004 Total inventories 78,027 Less non-current inventories: Ore stockpiles (9,886 ) 68,141 Total current inventories 68,141 |
Disclosure of movement in the asset retirement obligation of the AGM of joint venture | December 31, 2018 December 31, 2017 $ $ Balance, beginning of year 30,790 25,374 Accretion expense 888 650 Change in obligation 2,358 4,766 Balance, end of year 34,036 30,790 |
Disclosure of cash flows of the AGM of joint venture | Seven months ended Five months ended Year ended July 31, 2018 December 31, 2018 December 31, 2018 $ $ $ Operating cash flow before working capital changes 67,674 32,780 100,454 Net cash provided by operating activities after working capital changes 41,242 31,245 72,487 Net cash used in investing activities (53,039 ) (32,594 ) (85,633 ) Net cash provided by (used in) financing activities 12,849 (29 ) 12,820 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of geographic allocation of total assets and liabilities [Table Text Block] | December 31, 2018 Canada Ghana Total $ $ $ Current assets 13,102 - 13,102 Mineral properties, plant and equipment 114 - 114 Other non-current assets - 299,399 299,399 Total assets 13,216 299,399 312,615 Current liabilities 3,473 - 3,473 Non-current liabilities 300 - 300 Total liabilities 3,773 - 3,773 December 31, 2017 Canada Ghana Total $ $ $ Current assets 27,673 66,207 93,880 Mineral properties, plant and equipment 56 610,767 610,823 Other non-current assets - 4,082 4,082 Total assets 27,729 681,056 708,785 Current liabilities 1,704 82,663 84,367 Non-current liabilities - 191,811 191,811 Total liabilities 1,704 274,474 276,178 |
Disclosure of geographic allocation of the statement of operations and comprehensive income (loss) [Table Text Block] | December 31, 2018 Canada Ghana Total $ $ $ Revenue - 161,918 161,918 Cost of sales Production costs - (79,008 ) (79,008 ) Depreciation and depletion - (41,944 ) (41,944 ) Royalties - (8,096 ) (8,096 ) Total cost of sales - (129,048 ) (129,048 ) Income from mine operations - 32,870 32,870 Share of net loss related to joint venture (1,050 ) - (1,050 ) Service fee earned as operators of joint venture 1,892 - 1,892 Exploration and evaluation expenditures - (2,333 ) (2,333 ) General and administrative expenses (7,094 ) (4,566 ) (11,660 ) Income (loss) from operations (6,252 ) 25,971 19,719 Loss due to loss of control of subsidiaries (16,364 ) (126,897 ) (143,261 ) Finance income 5,457 98 5,555 Finance expense (334 ) (10,403 ) (10,737 ) Foreign exchange loss (115 ) 135 20 Loss before income taxes (17,608 ) (111,096 ) (128,704 ) Current income tax expense (1,060 ) (19 ) (1,079 ) Deferred income tax expense - (11,430 ) (11,430 ) Net loss and comprehensive loss for the year (18,668 ) (122,545 ) (141,213 ) December 31, 2017 Canada Ghana Total $ $ $ Revenue - 256,203 256,203 Cost of sales Production costs - (116,628 ) (116,628 ) Depreciation and depletion - (64,153 ) (64,153 ) Royalties (12,810 ) (12,810 ) Total cost of sales - (193,591 ) (193,591 ) Income from mine operations - 62,612 62,612 Exploration and evaluation expenditures - (2,050 ) (2,050 ) General and administrative expenses (4,320 ) (8,270 ) (12,590 ) Income (loss) from operations (4,320 ) 52,292 47,972 Finance income 197 412 609 Finance expense (14 ) (17,796 ) (17,810 ) Foreign exchange loss (252 ) (131 ) (383 ) Income (loss) before income taxes (4,389 ) 34,777 30,388 Current income tax expense (1,301 ) - (1,301 ) Deferred income tax expense - (22,774 ) (22,774 ) Net income (loss) and comprehensive income (loss) for the year (5,690 ) 12,003 6,313 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Disclosure of nature and extent of risks arising from financial instruments [Table Text Block] | December 31, 2018 Foreign currency amount USD Equivalent C$ ZAR GBP $ Cash and cash equivalents 162 2,556 - 311 Receivables 318 - - 233 Accounts payable and accrued liabilities (797 ) (163 ) (42 ) (668 ) Net exposure to foreign currency (317 ) 2,393 (42 ) (124 ) | December 31, 2017 Foreign currency amount USD Equivalent C$ GHS $ Cash and cash equivalents 324 18,874 4,416 VAT receivable - 23,003 5,070 Accounts payable and accrued liabilities (895 ) (45,439 ) (10,722 ) Net exposure to foreign currency (571 ) (3,562 ) (1,236 ) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements [Line Items] | |
Disclosure of information about key management personnel [Table Text Block] | Year ended December 31, 2018 2017 $ $ Salaries and benefits 2,373 1,797 Share-based payments 312 736 Total compensation 2,685 2,533 |
Nature of operations (Narrative
Nature of operations (Narrative) (Details) $ / shares in Units, $ in Thousands | Apr. 04, 2018USD ($)$ / sharesshares | Apr. 04, 2018$ / shares | Jul. 31, 2018USD ($) | Mar. 29, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Statements [Line Items] | ||||||
Loss associated with loss of control | $ 185,000 | |||||
Gross proceeds of weighted average price | $ 17,412 | $ 3,572 | ||||
Definitive Agreements [Member] | ||||||
Statements [Line Items] | ||||||
Agreement description | 50:50 joint venture arrangement | |||||
Services Agreement [Member] | Joint ventures [member] | ||||||
Statements [Line Items] | ||||||
Fee and commission income | $ 6,000 | |||||
Asanko Gold Mine [Member] | Definitive Agreements [Member] | ||||||
Statements [Line Items] | ||||||
Percentage of economic interest | 90.00% | |||||
Percentage of free-carried interest | 10.00% | 10.00% | ||||
Exploration of interest in portfolio | 50.00% | |||||
Asanko Gold Ghana Limited [Member] | Definitive Agreements [Member] | ||||||
Statements [Line Items] | ||||||
Percentage of economic interest | 50.00% | 45.00% | ||||
Percentage of free-carried interest | 50.00% | 45.00% | ||||
Exploration of interest in portfolio | 90.00% | |||||
Repayment of principal and accrued interest | $ 163,800 | |||||
Adansi Gold Company Ghana Limited [Member] | ||||||
Statements [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 50.00% | |||||
Adansi Gold Company Ghana Limited [Member] | Definitive Agreements [Member] | ||||||
Statements [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 50.00% | |||||
JV Finco [Member] | Definitive Agreements [Member] | ||||||
Statements [Line Items] | ||||||
Percentage of economic interest | 50.00% | |||||
Gold Fields Limited [Member] | ||||||
Statements [Line Items] | ||||||
Percentage of interest in common share | 9.90% | |||||
Issuance of common shares | shares | 22,354,657 | |||||
Common shares (in dollars per share) | (per share) | $ 0.79 | $ 1.01 | ||||
Gross proceeds of weighted average price | $ 17,600 |
Changes in accounting standar_3
Changes in accounting standards (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Jun. 30, 2016 |
Statements [Line Items] | ||
Payments of deferral fee | $ 3.3 | |
Borrowings, effective interest rate | 10.90% | |
Loan modification fees | $ 3.2 | |
Assets and lease liabilities | $ 30.8 |
Joint venture transaction (Narr
Joint venture transaction (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Mar. 29, 2018 | Dec. 31, 2018 | |
Statements [Line Items] | |||
Total equity investment including cash investment | $ 126,264 | ||
Gains (losses) recognised when control of subsidiary is lost | (143,261) | ||
Definitive Agreements [Member] | |||
Statements [Line Items] | |||
Loans receivable from AGGL and Adansi Ghana | $ 454,400 | ||
Asanko Gold Ghana Limited [Member] | |||
Statements [Line Items] | |||
Total equity investment including cash investment | $ 100 | ||
Asanko Gold Ghana Limited [Member] | Definitive Agreements [Member] | |||
Statements [Line Items] | |||
Proportion of ownership interests held by non-controlling interests | 50.00% | 45.00% | |
Exploration of interest in portfolio | 90.00% | ||
JV Finco [Member] | |||
Statements [Line Items] | |||
Capitalized into redeemable preference shares | $ 20,000 | 204,900 | |
JV Finco [Member] | Definitive Agreements [Member] | |||
Statements [Line Items] | |||
Capitalized into redeemable preference shares | 204,900 | $ 184,900 | |
Cash as part of equity investment | 5,000 | ||
Total equity investment including cash investment | 254,500 | ||
Gold Fields Limited [Member] | |||
Statements [Line Items] | |||
Capitalized into redeemable preference shares | 164,900 | ||
Gold Fields investment in joint venture | 165,000 | ||
Additional contribution of redeemable preference share investment | 20,000 | ||
Ghana [Member] | |||
Statements [Line Items] | |||
Gains (losses) recognised when control of subsidiary is lost | $ (143,261) |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) $ in Millions | 7 Months Ended | 12 Months Ended | |
Jul. 31, 2018USD ($) | Dec. 31, 2018oz | Dec. 31, 2017USD ($)oz | |
Statements [Line Items] | |||
Amount of gold sold in period | oz | 125,687 | 206,079 | |
Revenue from sale of silver | $ | $ 0.5 | $ 0.7 |
Production costs by nature (Nar
Production costs by nature (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Ghana [Member] | |
Statements [Line Items] | |
Gross revenue royalty payable | 5.00% |
Income tax (Narrative) (Details
Income tax (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statements [Line Items] | ||
Taxable temporary differences associated with investments in subsidiaries for which deferred taxes have not been recognized | $ 13.7 | $ 59.8 |
CANADA | ||
Statements [Line Items] | ||
Tax losses | $ 47.4 | $ 39.6 |
Non-controlling interest (Narra
Non-controlling interest (Narrative) (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | |||
Interest held by non-controlling interests | 10.00% | ||
Non-controlling interest | $ 200 | $ 159 | $ 537 |
Earnings (loss) per share att_3
Earnings (loss) per share attributable to common shareholders (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Statements [Line Items] | |
Description of instruments with potential future dilutive effect not included in calculation of diluted earnings per share | Excluded from the calculation of diluted weighted average shares outstanding were 3,613,000 share-based options and 4,000,000 warrants, respectively, that were determined to be anti-dilutive. |
Financial assets (Narrative) (D
Financial assets (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 12 Months Ended |
Jul. 31, 2018 | Dec. 31, 2018 | |
Statements [Line Items] | ||
Amortized cost of redeemable preference shares | $ 19,500 | |
Accretion income | 300 | |
Redeemable Preference Share With Determinable Redemption Date [Member] | ||
Statements [Line Items] | ||
Accretion income | 253 | |
JV Finco [Member] | ||
Statements [Line Items] | ||
Preference shares redeemable share subscribed | 204.9 | |
Preference shares redeemable share price per share | $ 1 | |
Face value of preference shares subscribed | $ 204,900 | |
JV Finco [Member] | Redeemable Preference Shares With No Fixed Redemption Date [Member] | ||
Statements [Line Items] | ||
Face value of preference shares subscribed | 184,900 | |
Fair value of preference shares subscribed | $ 148,900 | 153,700 |
Forecasted future cash flows at discount rate | 6.50% | |
Positive fair value adjustment of redeemable preference shares | 4,800 | |
JV Finco [Member] | Redeemable Preference Share With Determinable Redemption Date [Member] | ||
Statements [Line Items] | ||
Face value of preference shares subscribed | $ 20,000 | |
Fair value of preference shares subscribed | $ 19,200 | |
Discount rate used in current estimate of value in use | 2.70% | |
JV Finco [Member] | Level 3 | Redeemable Preference Shares With No Fixed Redemption Date [Member] | ||
Statements [Line Items] | ||
Face value of preference shares subscribed | $ 184,900 |
Mineral properties, plant and_3
Mineral properties, plant and equipment and exploration and evaluation assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 7 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||||
Depreciation, property, plant and equipment | $ 9.6 | |||
Stripping costs to depletable mineral interests deferred | $ 45.5 | $ 64.6 | ||
Depletion of stripping costs | $ 10.7 | 12.3 | ||
VAT receivable reclassified to depletable mineral property interests | $ 2.6 | |||
Royalty payable percentage | 5.00% |
Long-term debt (Narrative) (Det
Long-term debt (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Jun. 30, 2016 | Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statements [Line Items] | ||||||
Long-term debt | $ 119,240 | $ 151,532 | ||||
Borrowings, effective interest rate | 10.90% | |||||
Interest and associated withholding tax paid | $ 8,299 | 13,623 | ||||
Ghana [Member] | ||||||
Statements [Line Items] | ||||||
Accelerated accretion on long-term debt | $ (6,226) | |||||
Definitive Agreements [Member] | Asanko Gold Ghana Limited [Member] | ||||||
Statements [Line Items] | ||||||
Repayment of principal and accrued interest | 163,800 | |||||
RK Mine Finance Trust I ("Red Kite") | ||||||
Statements [Line Items] | ||||||
Loan accretion and accrued interest | $ 7,800 | |||||
Interest and associated withholding tax paid | $ 500 | $ 13,600 | ||||
Long-term debt [Member] | ||||||
Statements [Line Items] | ||||||
Long-term debt | 150,000 | |||||
Interest accrued | 13,900 | |||||
Unamortised financing fees | $ 16,500 | |||||
Borrowings, interest rate basis | Interest on the DSFA is calculated on a quarterly basis at a rate of LIBOR +6%, subject to a 1% minimum LIBOR rate which creates an interest rate floor. | |||||
Deferral fee, percentage | 2.00% | |||||
Deferral fee, amount | $ 3,300 | |||||
Borrowings, effective interest rate | 13.20% | 13.20% | 10.90% | |||
Loan accretion and accrued interest | $ 10,000 | $ 16,800 |
Asset retirement obligation (Na
Asset retirement obligation (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statements [Line Items] | |||
Estimated present value of obligation | $ 30,790 | $ 25,374 | |
Asanko Gold Mine (AGM) [Member] | |||
Statements [Line Items] | |||
Undiscounted cash flow amount of total obligation | $ 50,400 | 45,500 | |
Estimated present value of obligation | $ 34,036 | $ 30,790 | $ 25,374 |
Actuarial assumption of discount rates | 2.78% | 2.49% | |
Actuarial assumption of expected rates of inflation | 1.43% | 1.70% |
Share capital (Narrative) (Deta
Share capital (Narrative) (Details) $ / shares in Units, $ in Thousands | Apr. 04, 2018USD ($)$ / sharesshares | Apr. 04, 2018$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Statements [Line Items] | ||||
Gross proceeds of weighted average price | $ 17,412 | $ 3,572 | ||
Gold Fields Limited [Member] | ||||
Statements [Line Items] | ||||
Percentage of interest in common share | 9.90% | |||
Issuance of common shares | shares | 22,354,657 | |||
Common shares (in dollars per share) | (per share) | $ 0.79 | $ 1.01 | ||
Gross proceeds of weighted average price | $ 17,600 | |||
Period of share holding for entity | 5 years |
Equity reserves (Narrative) (De
Equity reserves (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Dec. 21, 2015USD ($)yrShare | Dec. 31, 2018USD ($)yrShare | Dec. 31, 2018CAD ($)yrShare | Dec. 31, 2017USD ($)yrShare | Dec. 31, 2017CAD ($)yrShare | |
Statements [Line Items] | |||||
Description of share-based payment arrangement | The Company maintains a rolling share-based option plan providing for the issuance of share-based options for up to 9% of the Company's issued and outstanding common shares. | The Company maintains a rolling share-based option plan providing for the issuance of share-based options for up to 9% of the Company's issued and outstanding common shares. | |||
Description of vesting requirements for share-based payment arrangement | All options granted prior to this date vest 25% on the date of the grant and 12.5% every three months thereafter for a total vesting period of 18 months. Any options granted subsequent to May 22, 2017 vest 33% every twelve months following the grant date for a total vesting period of three years. | All options granted prior to this date vest 25% on the date of the grant and 12.5% every three months thereafter for a total vesting period of 18 months. Any options granted subsequent to May 22, 2017 vest 33% every twelve months following the grant date for a total vesting period of three years. | |||
Number of share options granted in share-based payment arrangement | Share | 2,739,802 | 2,739,802 | 3,374,000 | 3,374,000 | |
Weighted average exercise price of share options granted in share-based payment arrangement | $ 1.08 | $ 3.64 | |||
Share-based payments | $ 935,000 | $ 3,326,000 | |||
Share based payments capitalized to mineral properties, plant and equipment | $ 32,000 | $ 600,000 | |||
Option life, share options granted (years) | yr | 3.62 | 3.62 | 3.44 | 3.44 | |
Expected dividend, share options granted | $ 0 | $ 0 | |||
Forefeiture rate, restricted share units granted | 2.56% | 2.56% | 0.88% | 0.88% | |
Share purchase warrants issued to Red Kite in conjunction with the drawdown of the final $20.0 million of the loan facility [Member] | |||||
Statements [Line Items] | |||||
Warrants, grants in period | Share | 4,000,000 | ||||
Warrants, grants in period, exercise price | $ 1.83 | ||||
Warrants, grants in period, term (years) | yr | 3 | ||||
Restricted And Performance Share Unit Cash Plan [Member] | |||||
Statements [Line Items] | |||||
Number of restricted share units granted in share-based payment arrangement | 2,393,247 | 2,393,247 | 0 | 0 | |
Share-based payments | $ 800,000 | $ 0 | |||
Share based payments capitalized to mineral properties, plant and equipment | $ 14,000 | ||||
Forefeiture rate, restricted share units granted | 2.56% | 2.56% | |||
Recognized financial liability for cash-settled RSUs | $ 300,000 | $ 0 |
Commitments and contractual obl
Commitments and contractual obligations (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Contractual obligations relating to long-term debt | $ 3,975 | $ 297,143 |
Asanko Gold Ghana Limited [Member] | ||
Statements [Line Items] | ||
Amount of reclamation bond on the unfunded portion | 6,800 | |
Definitive Agreements [Member] | Asanko Gold Ghana Limited [Member] | ||
Statements [Line Items] | ||
Repayment of principal and accrued interest | $ 163,800 |
Investment in Joint Venture (Na
Investment in Joint Venture (Narrative) (Details) $ in Thousands | 1 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Jul. 31, 2018USD ($) | Dec. 31, 2018USD ($)oz | Jul. 31, 2018USD ($) | Dec. 31, 2018USD ($)oz | Dec. 31, 2017USD ($)oz | Dec. 31, 2013oz | |
Statements [Line Items] | ||||||
Percentage of interest accounted for using equity method | 100.00% | 100.00% | ||||
Share of profit (loss) of joint ventures accounted for using equity method | $ (1,050) | |||||
Amount of gold sold in period | oz | 125,687 | 206,079 | ||||
Revenue from sale of silver | $ 500 | $ 700 | ||||
Production cost percentage incurred | 100.00% | |||||
Production costs | $ 79,008 | 116,628 | ||||
Gains (losses) recognised when control of subsidiary is lost | (143,261) | |||||
Reclamation deposit | 1,837 | |||||
Depreciation and depletion expense | 41,944 | 64,153 | ||||
Depreciation and depletion expense allocated to cost of inventories | $ (15,934) | 2,345 | ||||
Asanko Gold Mine (AGM) [Member] | ||||||
Statements [Line Items] | ||||||
Percentage of interest accounted for using equity method | 45.00% | 45.00% | ||||
Share of profit (loss) of joint ventures accounted for using equity method | $ (1,050) | |||||
Percentage of share in net earnings | 45.00% | |||||
Production costs | $ 79,039 | 79,008 | 158,047 | |||
Gains (losses) recognised when control of subsidiary is lost | $ (126,897) | |||||
Initial security reclamation deposit | 8,500 | 8,500 | ||||
Reclamation deposit | 1,884 | 1,884 | ||||
Reclamation deposit accrued interest | 1,900 | 1,900 | 1,800 | |||
Deferred stripping costs to depletable mineral interests | 14,200 | |||||
Depletion expense | 14,600 | |||||
Depreciation and depletion expense | 34,329 | 41,944 | 76,273 | |||
Depreciation and depletion expense allocated to cost of inventories | 9,250 | $ 15,934 | 25,184 | |||
Undiscounted cash flow amount of total obligation | 50,400 | 50,400 | 45,500 | |||
Estimated present value of obligation | $ 34,000 | $ 34,000 | $ 30,800 | |||
Actuarial assumption of discount rates | 2.78% | 2.78% | 2.49% | |||
Actuarial assumption of expected rates of inflation | 1.43% | 1.43% | 1.70% | |||
Asanko Gold Mine (AGM) [Member] | ||||||
Statements [Line Items] | ||||||
Adjustment to carrying value of stockpile inventory | $ 15,700 | |||||
Production costs | 9,900 | |||||
Percent of gross revenue royalty payable | 5.00% | |||||
Additional percentage of net smelter return royalty payable | 2.00% | |||||
Depreciation and depletion expense allocated to cost of inventories | $ 5,800 | |||||
Asanko Gold Mine (AGM) [Member] | RK Mine Finance Trust I ("Red Kite") | Offtake agreement [Member] | ||||||
Statements [Line Items] | ||||||
Percentage of sale of future gold production | 100.00% | |||||
Maximum amount of sale of future gold production | oz | 2,200,000 | |||||
Percentage of payment for value of gold | 100.00% | |||||
Provisional payment percent of estimated value | 90.00% | |||||
Amount of gold sold in period | oz | 227,772 | 206,079 | ||||
Revenue from sale of silver | $ 900 | $ 700 | ||||
Additional sale of gold related to pre-production activities | $ 1,100 | |||||
Amount of gold delivered under agreement | oz | 590,511 | 590,511 | 362,739 |
Segmented information (Narrativ
Segmented information (Narrative) (Details) | Dec. 31, 2018 |
Statements [Line Items] | |
Percentage of interest acquired | 100.00% |
Asanko Gold Mine (AGM) [Member] | |
Statements [Line Items] | |
Percentage of interest acquired | 45.00% |
Capital management (Narrative)
Capital management (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Total common shareholders' equity | $ 308,842 | $ 431,867 |
Description of changes in entity's objectives, policies and processes for managing capital and what entity manages as capital | In order to maintain or adjust its capital structure, the Company filed a short-form base shelf prospectus on January 15, 2018, which allows the Company to offer up to $300 million of common shares, warrants, subscription receipts, debt securities and units, or any combination thereof, from time to time over a 25-month period. |
Financial instruments (Narrativ
Financial instruments (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statements [Line Items] | |||
Interest receivable | $ 61,000 | $ 40,000 | |
Loan receivable from a third party | 300 | 900 | |
Cash and cash equivalents | 10,358 | 49,330 | $ 59,675 |
Accounts payable and accrued liabilities | 3,473 | 47,916 | |
Joint ventures [member] | |||
Statements [Line Items] | |||
Receivable due from the JV | 2,300 | ||
Additional receivables from the JV | 20,000 | ||
Credit risk [member] | Joint ventures [member] | Preference shares [member] | |||
Statements [Line Items] | |||
Amount of credit risk associated preference shares | 20,000 | ||
Value of preference shares related to credit risk | 184,900 | ||
Maximum exposure to credit risk in relation to the preferred shares | 173,100 | ||
Interest rate risk [Member] | |||
Statements [Line Items] | |||
Value at risk | 4,200 | ||
Gold price risk [Member] | Joint ventures [member] | |||
Statements [Line Items] | |||
Value at risk | $ 200 | ||
Foreign currency risk [Member] | |||
Statements [Line Items] | |||
Value at risk | $ 53 |
Related party transactions (Nar
Related party transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Service fee earned as operators of joint venture | $ 1,892 | |
Services Agreement [Member] | Joint ventures [member] | ||
Statements [Line Items] | ||
Fee and commission income | 6,000 | |
Service fee earned as operators of joint venture | 1,900 | |
Service fee income, gross | 2,500 | |
Payables on social security and taxes other than income tax | 600 | |
Receivables from taxes other than income tax | $ 2,300 |
Disclosure of subsidiaries (Det
Disclosure of subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Asanko Gold South Africa (PTY) Ltd. [Member] | |
Statements [Line Items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Asanko International (Barbados) Inc. [Member] | |
Statements [Line Items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Asanko Gold (Barbados) Inc. [Member] | |
Statements [Line Items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Asanko Gold Exploration Ghana Limited [Member] | |
Statements [Line Items] | |
Proportion of ownership interest in subsidiary | 45.00% |
Adansi Gold Company Ghana Limited [Member] | |
Statements [Line Items] | |
Proportion of ownership interest in subsidiary | 50.00% |
Shika Group Finance Limited [Member] | |
Statements [Line Items] | |
Proportion of ownership interest in subsidiary | 50.00% |
Disclosure of detailed informat
Disclosure of detailed information about estimated useful life or depreciation rate (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Fixed plant and related components and infrastructure [Member] | |
Statements [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | Units of production over life of mine |
Mobile and other mine equipment components [Member] | |
Statements [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 to 12 years |
Computer equipment and software [Member] | |
Statements [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
Disclosure of effect of overlay
Disclosure of effect of overlay approach reclassification on profit or loss (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statements [Line Items] | ||||
Long-term debt | $ 119,240 | $ 151,532 | ||
Accumulated deficit | $ (319,272) | (177,900) | (183,676) | |
Non-controlling interest | 740 | 203 | ||
Finance expense | 10,737 | 17,810 | ||
Common shareholders of the Company | (141,372) | 5,776 | ||
Net earnings attributable to non-controlling interest | $ 200 | $ 159 | 537 | |
Effect of adoption of IFRS 9 [Member] | ||||
Statements [Line Items] | ||||
Long-term debt | (2,637) | (2,971) | ||
Accumulated deficit | 2,467 | 2,768 | ||
Non-controlling interest | 170 | 203 | ||
Finance expense | 334 | |||
Common shareholders of the Company | (301) | |||
Net earnings attributable to non-controlling interest | (33) | |||
Previously stated [member] | ||||
Statements [Line Items] | ||||
Long-term debt | 121,877 | 154,503 | ||
Accumulated deficit | (180,367) | (186,444) | ||
Non-controlling interest | 570 | $ 0 | ||
Finance expense | 17,476 | |||
Common shareholders of the Company | 6,077 | |||
Net earnings attributable to non-controlling interest | $ 570 |
Disclosure of recognized associ
Disclosure of recognized associates (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Less net assets derecognized | ||||
Cash and cash equivalents | $ 10,358 | $ 49,330 | $ 59,675 | |
Prepaid expenses and deposits | 180 | 3,468 | ||
VAT receivable | 5,070 | |||
Reclamation deposit | 1,837 | |||
Exploration and evaluation assets | 13,085 | |||
Mineral properties, plant and equipment | 114 | 597,738 | ||
Accounts payable and accrued liabilities | (3,473) | (47,916) | ||
Asset retirement provisions | (30,790) | (25,374) | ||
Net deferred tax liabilities | (41,781) | |||
Non-controlling interest | $ 740 | $ 203 | ||
Loss associated with loss of control of former Ghanaian subsidiaries | $ (143,261) | |||
Ghana [Member] | ||||
Fair Value Of Interest Retained [Abstract] | ||||
Financial assets, at fair value | $ 168,081 | |||
Fair value of equity interest in JV | 127,314 | |||
Fair value of interest retained | 295,395 | |||
Less net assets derecognized | ||||
Cash and cash equivalents | 24,368 | |||
Receivables | 6,356 | |||
Inventories | 63,460 | |||
Prepaid expenses and deposits | 3,274 | |||
VAT receivable | 9,672 | |||
Reclamation deposit | 1,851 | |||
Exploration and evaluation assets | 13,085 | |||
Mineral properties, plant and equipment | 602,989 | |||
Accounts payable and accrued liabilities | (47,269) | |||
Financial liabilities | (165,000) | |||
Long-term incentive plan liability | (64) | |||
Asset retirement provisions | (31,217) | |||
Net deferred tax liabilities | (53,211) | |||
Non-controlling interest | (899) | |||
Net assets derecognized | 427,395 | |||
Loss of control of subsidiaries | (132,000) | |||
Accelerated accretion on long-term debt (note 16) | (6,226) | |||
Transaction costs directly related to JV Transaction | (5,035) | |||
Loss associated with loss of control of former Ghanaian subsidiaries | $ (143,261) |
Disclosure of loss associated w
Disclosure of loss associated with the loss of control of assets and liabilities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jul. 31, 2018 | Dec. 31, 2018 | |
Disclosure of joint ventures [line items] | ||
Loss associated with loss of control of former Ghanaian subsidiaries | $ (143,261) | |
Ghana [Member] | ||
Disclosure of joint ventures [line items] | ||
Mineral properties, plant and equipment (note 15) | $ (185,211) | |
Deferred income tax liability (note 11) | 53,211 | |
Loss of control of subsidiaries | (132,000) | |
Accelerated accretion on long-term debt (note 16) | (6,226) | |
Transaction costs directly related to JV Transaction | (5,035) | |
Loss associated with loss of control of former Ghanaian subsidiaries | $ (143,261) |
Disclosure of detailed inform_2
Disclosure of detailed information about revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Balance, beginning of year | $ 1,249 | $ 616 |
Revenue recognized | 161,918 | 256,203 |
Payments collected | (156,880) | (255,570) |
Derecognized on closing of Joint Venture Transaction | (6,287) | 0 |
Balance, end of year | $ 0 | $ 1,249 |
Disclosure of expenses by natur
Disclosure of expenses by nature (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Raw materials and consumables | $ (30,401) | $ (50,925) |
Salary and employee benefits | (12,782) | (20,621) |
Contractors (net of deferred stripping costs (note 15(b) | (47,929) | (37,742) |
Change in stockpile, gold-in-process and gold dore inventories | 15,934 | (2,345) |
Insurance, government fees, permits and other | (3,473) | (3,684) |
Share-based payments | (357) | (1,311) |
Total production costs | $ (79,008) | $ (116,628) |
Disclosure of detailed inform_3
Disclosure of detailed information about general and administrative expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Wages, benefits and consulting | $ (6,533) | $ (7,241) |
Office, rent and administration | (1,527) | (1,132) |
Professional and legal | (1,308) | (1,556) |
Share-based payments | (1,258) | (1,418) |
Travel, marketing, investor relations and regulatory | (987) | (1,175) |
Other | (47) | (68) |
Total | $ (11,660) | $ (12,590) |
Disclosure of detailed inform_4
Disclosure of detailed information about finance expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Interest charges on Red Kite loan and associated withholding taxes (note 16) | $ (9,987) | $ (17,160) |
Accretion charges on asset retirement provisions | (429) | (650) |
Other | (321) | 0 |
Total | $ (10,737) | $ (17,810) |
Disclosure of detailed inform_5
Disclosure of detailed information about effective income tax expense recovery (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Average statutory tax rate | 27.00% | 26.00% |
Income (loss) before income taxes | $ (128,704) | $ 30,388 |
Expected income tax expense (recovery) | (34,750) | 7,901 |
Loss associated with loss of control | 47,312 | 0 |
Permanent differences | (608) | (184) |
Trueup prior year balances | (564) | 3,688 |
Effect of differences in tax rate in foreign jurisdictions | (7,164) | 3,214 |
Change in unrecognized tax assets | 7,240 | 9,099 |
Withholding tax | 1,079 | 1,301 |
Foreign exchange and other | (36) | (944) |
Income tax expense | $ 12,509 | $ 24,075 |
Disclosure of deferred taxes (D
Disclosure of deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements [Line Items] | ||
Deferred tax assets | $ 0 | $ 6,694 |
Deferred tax liabilities | 0 | (48,475) |
Net deferred tax liabilities | (41,781) | |
Mineral, properties plant and equipment [Member] | ||
Statements [Line Items] | ||
Deferred tax liabilities | 0 | (48,475) |
Asset retirement provision [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | $ 0 | $ 6,694 |
Disclosure of temporary differe
Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 15,636 | $ 49,285 |
Mineral, properties plant and equipment [Member] | ||
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 50 | 11,440 |
Share issuance costs [Member] | ||
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 146 | 302 |
Investment in associate [Member] | ||
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 275 | 275 |
Asset retirement provision [Member] | ||
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 0 | 4,083 |
Unrealized foreign exchange [Member] | ||
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 0 | (788) |
Foreign exchange loss carried forward [Member] | ||
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 0 | 509 |
Capital losses [Member] | ||
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 2,476 | 0 |
Non-capital losses carried forward [Member] | ||
Statements [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 12,689 | $ 33,464 |
Disclosure of detailed inform_6
Disclosure of detailed information about Non-controlling interest (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | |||
Non-controlling interest, beginning balance | $ 740 | $ 740 | $ 203 |
Net earnings attributable to non-controlling interest | $ 200 | 159 | 537 |
Derecognition due to loss of control of Ghanaian subsidiaries (note 6) | $ (899) | ||
Non-controlling interest, ending balance | $ 740 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Net income (loss) attributable to common shareholders | $ (141,372) | $ 5,776 |
Weighted average number of ordinary shares - basic | 220,108,770 | 203,333,111 |
Effect of dilutive share options and warrants | 0 | 1,061,341 |
Weighted average number of ordinary shares - diluted | 220,108,770 | 204,394,452 |
Disclosure of detailed inform_7
Disclosure of detailed informaton about redeemable preference shares with no fixed redemption date (Details) - Redeemable Preference Shares With No Fixed Redemption Date [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Statements [Line Items] | |
Balance, December 31, 2017 | $ 0 |
Initial recognition of preferred shares at fair value | 148,850 |
Fair value adjustment for the year | 4,801 |
Balance, December 31, 2018 | $ 153,651 |
Disclosure of detailed inform_8
Disclosure of detailed informaton about redeemable preference share with determinable redemption date (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Statements [Line Items] | |
Accretion income | $ 300 |
Redeemable Preference Share With Determinable Redemption Date [Member] | |
Statements [Line Items] | |
Balance, December 31, 2017 | 0 |
Initial recognition of preferred shares at fair value | 19,231 |
Accretion income | 253 |
Balance, December 31, 2018 | $ 19,484 |
Disclosure of detailed inform_9
Disclosure of detailed information about mineral properties (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | |||
Beginning balance | $ 610,823 | $ 610,823 | |
Depreciation and depletion | (9,600) | ||
Ending balance | 114 | $ 610,823 | |
Cost [Member] | |||
Statements [Line Items] | |||
Beginning balance | 730,799 | 730,799 | 597,017 |
Additions | 57,007 | 126,387 | |
Changes to rehabilitation provisions | (2) | 4,766 | |
Reclassification from mineral property, plant and equipment to VAT receivable | (2,629) | ||
Transfers | 0 | 0 | |
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | 787,804 | ||
Less: Assets of the AGM (note 6) | (787,355) | ||
Ending balance | 449 | 730,799 | |
Accumulated depreciation and depletion [Member] | |||
Statements [Line Items] | |||
Beginning balance | (119,976) | (119,976) | (55,773) |
Depreciation and depletion | (51,639) | (64,203) | |
Loss associated with loss of control (note 6) | (185,211) | ||
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | (356,826) | ||
Less: Assets of the AGM (note 6) | 356,491 | ||
Ending balance | (335) | (119,976) | |
Mineral interests - Depletable [Member] | |||
Statements [Line Items] | |||
Beginning balance | 178,598 | 178,598 | |
Ending balance | 0 | 178,598 | |
Mineral interests - Depletable [Member] | Cost [Member] | |||
Statements [Line Items] | |||
Beginning balance | 244,357 | 244,357 | 146,145 |
Additions | 45,497 | 73,486 | |
Changes to rehabilitation provisions | 556 | 4,970 | |
Reclassification from mineral property, plant and equipment to VAT receivable | (2,629) | ||
Transfers | 11,069 | 17,127 | |
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | 301,479 | ||
Less: Assets of the AGM (note 6) | (301,479) | ||
Ending balance | 0 | 244,357 | |
Mineral interests - Depletable [Member] | Accumulated depreciation and depletion [Member] | |||
Statements [Line Items] | |||
Beginning balance | (65,759) | (65,759) | (23,405) |
Depreciation and depletion | (34,395) | (42,354) | |
Loss associated with loss of control (note 6) | (64,537) | ||
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | (164,691) | ||
Less: Assets of the AGM (note 6) | 164,691 | ||
Ending balance | 0 | (65,759) | |
Mineral interests - Non-depletable [Member] | |||
Statements [Line Items] | |||
Beginning balance | 78,537 | 78,537 | |
Ending balance | 0 | 78,537 | |
Mineral interests - Non-depletable [Member] | Cost [Member] | |||
Statements [Line Items] | |||
Beginning balance | 78,537 | 78,537 | 89,089 |
Additions | 141 | 6,244 | |
Changes to rehabilitation provisions | (558) | (204) | |
Reclassification from mineral property, plant and equipment to VAT receivable | 0 | ||
Transfers | (5,959) | (16,592) | |
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | 72,161 | ||
Less: Assets of the AGM (note 6) | (72,161) | ||
Ending balance | 0 | 78,537 | |
Mineral interests - Non-depletable [Member] | Accumulated depreciation and depletion [Member] | |||
Statements [Line Items] | |||
Beginning balance | 0 | 0 | 0 |
Depreciation and depletion | 0 | 0 | |
Loss associated with loss of control (note 6) | (30,911) | ||
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | (30,911) | ||
Less: Assets of the AGM (note 6) | 30,911 | ||
Ending balance | 0 | 0 | |
Exploration and evaluation assets [Member] | |||
Statements [Line Items] | |||
Beginning balance | 13,085 | 13,085 | |
Ending balance | 0 | 13,085 | |
Exploration and evaluation assets [Member] | Cost [Member] | |||
Statements [Line Items] | |||
Beginning balance | 13,085 | 13,085 | 12,757 |
Additions | 0 | 328 | |
Changes to rehabilitation provisions | 0 | 0 | |
Reclassification from mineral property, plant and equipment to VAT receivable | 0 | ||
Transfers | 0 | 0 | |
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | 13,085 | ||
Less: Assets of the AGM (note 6) | (13,085) | ||
Ending balance | 0 | 13,085 | |
Exploration and evaluation assets [Member] | Accumulated depreciation and depletion [Member] | |||
Statements [Line Items] | |||
Beginning balance | 0 | 0 | 0 |
Depreciation and depletion | 0 | 0 | |
Loss associated with loss of control (note 6) | (3,417) | ||
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | (3,417) | ||
Less: Assets of the AGM (note 6) | 3,417 | ||
Ending balance | 0 | 0 | |
Plant, buildings and equipment | |||
Statements [Line Items] | |||
Beginning balance | 313,070 | 313,070 | |
Ending balance | 0 | 313,070 | |
Plant, buildings and equipment | Cost [Member] | |||
Statements [Line Items] | |||
Beginning balance | 366,671 | 366,671 | 340,962 |
Additions | 2,264 | 7,032 | |
Changes to rehabilitation provisions | 0 | 0 | |
Reclassification from mineral property, plant and equipment to VAT receivable | 0 | ||
Transfers | 20,949 | 18,677 | |
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | 389,884 | ||
Less: Assets of the AGM (note 6) | (389,884) | ||
Ending balance | 0 | 366,671 | |
Plant, buildings and equipment | Accumulated depreciation and depletion [Member] | |||
Statements [Line Items] | |||
Beginning balance | (53,601) | (53,601) | (31,793) |
Depreciation and depletion | (17,200) | (21,808) | |
Loss associated with loss of control (note 6) | (83,807) | ||
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | (154,608) | ||
Less: Assets of the AGM (note 6) | 154,608 | ||
Ending balance | 0 | (53,601) | |
Assets under construction [Member] | |||
Statements [Line Items] | |||
Beginning balance | 27,403 | 27,403 | |
Ending balance | 0 | 27,403 | |
Assets under construction [Member] | Cost [Member] | |||
Statements [Line Items] | |||
Beginning balance | 27,403 | 27,403 | 7,341 |
Additions | 9,084 | 39,274 | |
Changes to rehabilitation provisions | 0 | 0 | |
Reclassification from mineral property, plant and equipment to VAT receivable | 0 | ||
Transfers | (26,059) | (19,212) | |
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | 10,428 | ||
Less: Assets of the AGM (note 6) | (10,428) | ||
Ending balance | 0 | 27,403 | |
Assets under construction [Member] | Accumulated depreciation and depletion [Member] | |||
Statements [Line Items] | |||
Beginning balance | 0 | 0 | 0 |
Depreciation and depletion | 0 | 0 | |
Loss associated with loss of control (note 6) | (2,539) | ||
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | (2,539) | ||
Less: Assets of the AGM (note 6) | 2,539 | ||
Ending balance | 0 | 0 | |
Corporate assets [Member] | |||
Statements [Line Items] | |||
Beginning balance | 130 | 130 | |
Ending balance | 114 | 130 | |
Corporate assets [Member] | Cost [Member] | |||
Statements [Line Items] | |||
Beginning balance | 746 | 746 | 723 |
Additions | 21 | 23 | |
Changes to rehabilitation provisions | 0 | 0 | |
Reclassification from mineral property, plant and equipment to VAT receivable | 0 | ||
Transfers | 0 | 0 | |
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | 767 | ||
Less: Assets of the AGM (note 6) | (318) | ||
Ending balance | 449 | 746 | |
Corporate assets [Member] | Accumulated depreciation and depletion [Member] | |||
Statements [Line Items] | |||
Beginning balance | $ (616) | (616) | (575) |
Depreciation and depletion | (44) | (41) | |
Loss associated with loss of control (note 6) | 0 | ||
Exploration and evaluation assets and mineral properties, plant and equipment, including assets of joint venture | (660) | ||
Less: Assets of the AGM (note 6) | 325 | ||
Ending balance | $ (335) | $ (616) |
Disclosure of detailed infor_10
Disclosure of detailed information about long-term debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statements [Line Items] | |||
Gross proceeds | $ 150,000 | $ 150,000 | |
Accrued interest | 13,894 | 13,894 | |
Loan obligation | 163,894 | 163,894 | |
Deferred financing costs | (16,475) | (16,475) | |
Interest and withholding taxes paid | (41,390) | (33,197) | |
Loan accretion | 61,095 | 44,699 | |
Gain on loan modification | (3,230) | (3,230) | |
Net of debt | 163,894 | 155,691 | |
Repayment of principal and accrued interest | (163,894) | 0 | |
Total debt | $ 0 | 155,691 | |
Current portion of long-term debt | 36,451 | ||
Non-current portion of debt | $ 119,240 | $ 151,532 |
Disclosure of detailed infor_11
Disclosure of detailed information about asset retirement obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Balance, beginning of year | $ 30,790 | $ 25,374 |
Accretion expense | 429 | 650 |
Change in obligation | (2) | 4,766 |
Derecognition upon closing of JV Transaction (note 6) | $ (31,217) | 0 |
Balance, end of year | $ 30,790 |
Disclosure of classes of share
Disclosure of classes of share capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Beginning Balance (shares) | 203,449,957 | 201,829,207 |
Beginning Balance | $ 432,607 | $ 419,396 |
Issued pursuant to exercise of share-based options (note 19(a)) (shares) | 1,620,750 | |
Issued pursuant to exercise of share-based options (note 19(a)) | $ 3,572 | |
Issued pursuant to private placement, net of share issuance cost (shares) | 22,354,657 | |
Issued pursuant to private placement, net of share issuance cost | $ 17,412 | |
Ending Balance (shares) | 225,804,614 | 203,449,957 |
Ending Balance | $ 308,842 | $ 432,607 |
Share capital [Member] | ||
Statements [Line Items] | ||
Beginning Balance | 561,441 | 556,256 |
Issued pursuant to exercise of share-based options (note 19(a)) | 5,185 | |
Issued pursuant to private placement, net of share issuance cost | 17,412 | |
Ending Balance | $ 578,853 | $ 561,441 |
Disclosure of number and weight
Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2018CAD ($)ShareOption | Dec. 31, 2017CAD ($)ShareOption | |
Statements [Line Items] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Option | 12,578,625 | 14,591,750 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ 2.52 | $ 2.54 |
Number of share options granted in share-based payment arrangement | Share | 2,739,802 | 3,374,000 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ 1.08 | $ 3.64 |
Number of share options exercised in share-based payment arrangement | Option | (1,620,750) | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 2.75 | |
Number of share options cancelled/expired in share-based payment arrangement | Option | (1,836,000) | (3,766,375) |
Weighted average exercise price of share options cancelled/expired in share-based payment arrangement | $ 2.48 | $ 3.53 |
Number of share options outstanding in share-based payment arrangement at end of period | Option | 13,482,427 | 12,578,625 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 2.22 | $ 2.52 |
Disclosure of detailed infor_12
Disclosure of detailed information about options, valuation assumptions (Details) | 12 Months Ended | |
Dec. 31, 2018CAD ($)Share | Dec. 31, 2017CAD ($)Share | |
Statements [Line Items] | ||
Number of options | Share | 2,739,802 | 3,374,000 |
Weighted average exercise price | $ 1.08 | $ 3.64 |
Weighted average risk-free interest rate | 2.37% | 1.55% |
Weighted average volatility | 68.81% | 64.95% |
Weighted average Black-Scholes value assigned | $ 0.51 | $ 1.42 |
Disclosure of range of exercise
Disclosure of range of exercise prices of outstanding share options (Details) | Dec. 31, 2018CAD ($)yrOption | Dec. 31, 2017CAD ($)Option | Dec. 31, 2016CAD ($)Option |
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | Option | 13,482,427 | 12,578,625 | 14,591,750 |
Weighted average remaining contractual life of outstanding share options | yr | 2.07 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 2.22 | $ 2.52 | $ 2.54 |
Number of share options exercisable in share-based payment arrangement | Option | 10,507,500 | ||
Weighted average remaining contractual life of exercisable share options | yr | 1.5 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 2.54 | ||
C$0.00-C$1.00 [Member] | |||
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | Option | 50,000 | ||
Weighted average remaining contractual life of outstanding share options | yr | 4.88 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 0.89 | ||
Number of share options exercisable in share-based payment arrangement | Option | 0 | ||
Weighted average remaining contractual life of exercisable share options | yr | 0 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 0 | ||
C$0.00-C$1.00 [Member] | Minimum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | 0 | ||
C$0.00-C$1.00 [Member] | Maximum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | $ 1 | ||
C$1.01 - C$ 2.00 [Member] | |||
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | Option | 4,884,802 | ||
Weighted average remaining contractual life of outstanding share options | yr | 3.29 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 1.42 | ||
Number of share options exercisable in share-based payment arrangement | Option | 1,959,875 | ||
Weighted average remaining contractual life of exercisable share options | yr | 2.11 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 1.92 | ||
C$1.01 - C$ 2.00 [Member] | Minimum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | 1.01 | ||
C$1.01 - C$ 2.00 [Member] | Maximum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | $ 2 | ||
C$2.01 - C$3.00 [Member] | |||
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | Option | 5,985,625 | ||
Weighted average remaining contractual life of outstanding share options | yr | 0.6 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 2.12 | ||
Number of share options exercisable in share-based payment arrangement | Option | 5,985,625 | ||
Weighted average remaining contractual life of exercisable share options | yr | 0.6 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 2.12 | ||
C$2.01 - C$3.00 [Member] | Minimum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | 2.01 | ||
C$2.01 - C$3.00 [Member] | Maximum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | $ 3 | ||
C$3.01 - C$4.00 [Member] | |||
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | Option | 2,392,000 | ||
Weighted average remaining contractual life of outstanding share options | yr | 3.16 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 3.97 | ||
Number of share options exercisable in share-based payment arrangement | Option | 2,392,000 | ||
Weighted average remaining contractual life of exercisable share options | yr | 3.16 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 3.97 | ||
C$3.01 - C$4.00 [Member] | Minimum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | 3.01 | ||
C$3.01 - C$4.00 [Member] | Maximum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | $ 4 | ||
C$4.01 - C$5.00 [Member] | |||
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | Option | 170,000 | ||
Weighted average remaining contractual life of outstanding share options | yr | 2.57 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 4.38 | ||
Number of share options exercisable in share-based payment arrangement | Option | 170,000 | ||
Weighted average remaining contractual life of exercisable share options | yr | 2.57 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 4.38 | ||
C$4.01 - C$5.00 [Member] | Minimum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | 4.01 | ||
C$4.01 - C$5.00 [Member] | Maximum [Member] | |||
Statements [Line Items] | |||
Exercise price of outstanding share options | $ 5 |
Disclosure of detailed infor_13
Disclosure of detailed information about commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements [Line Items] | ||
Long-term debt and related interest and withholding tax payments | $ 0 | $ 186,270 |
Accounts payable and accrued liabilities | 3,232 | 47,916 |
Asset retirement provisions (undiscounted) | 0 | 45,526 |
Long-term incentive plan (cash-settled awards) | 541 | 0 |
Mine operating/construction, open purchase orders and operating leases | 0 | 17,431 |
Corporate operating leases | 202 | 0 |
Total | 3,975 | $ 297,143 |
Within 1 year [Member] | ||
Statements [Line Items] | ||
Long-term debt and related interest and withholding tax payments | 0 | |
Accounts payable and accrued liabilities | 3,232 | |
Asset retirement provisions (undiscounted) | 0 | |
Long-term incentive plan (cash-settled awards) | 241 | |
Mine operating/construction, open purchase orders and operating leases | 0 | |
Corporate operating leases | 131 | |
Total | 3,604 | |
1-5 years [Member] | ||
Statements [Line Items] | ||
Long-term debt and related interest and withholding tax payments | 0 | |
Accounts payable and accrued liabilities | 0 | |
Asset retirement provisions (undiscounted) | 0 | |
Long-term incentive plan (cash-settled awards) | 300 | |
Mine operating/construction, open purchase orders and operating leases | 0 | |
Corporate operating leases | 71 | |
Total | 371 | |
Over 5 years [Member] | ||
Statements [Line Items] | ||
Long-term debt and related interest and withholding tax payments | 0 | |
Accounts payable and accrued liabilities | 0 | |
Asset retirement provisions (undiscounted) | 0 | |
Long-term incentive plan (cash-settled awards) | 0 | |
Mine operating/construction, open purchase orders and operating leases | 0 | |
Corporate operating leases | 0 | |
Total | $ 0 |
Disclosure of detailed infor_14
Disclosure of detailed information about cash flow information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jul. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Change in asset retirement provisions included in mineral properties, plant and equipment | $ (2) | $ 4,766 |
Change in accounts payable related to mineral properties, plant and equipment | 3,028 | 2,655 |
Reclassification to (from) mineral properties, plant and equipment from (to) VAT receivable | 0 | 2,629 |
Borrowing costs included in mineral properties, plant and equipment | 0 | 877 |
Share-based compensation included in mineral properties, plant and equipment (note 19(a) and 19(b)) | $ 46 | $ 607 |
Disclosure of changes in noncas
Disclosure of changes in noncash working capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Receivables | $ (6,879) | $ (711) |
VAT receivable | (4,132) | 15,530 |
Prepaid expenses | 28 | (158) |
Inventories | (17,691) | (3,759) |
Accounts payable and accrued liabilities | (1,195) | (1,074) |
Change in non-cash working capital | $ (29,869) | $ 9,828 |
Disclosure of detailed infor_15
Disclosure of detailed information about Investment in Joint Venture using equity method (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Company's share of net loss of joint venture | $ (1,050) | |
Balance, December 31, 2018 | 126,264 | |
Asanko Gold Mine (AGM) [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Balance, January 1, 2018 | 0 | |
Initial recognition of investment in joint venture | 127,314 | |
Company's share of net loss of joint venture | (1,050) | |
Balance, December 31, 2018 | $ 126,264 | $ 0 |
Disclosure of detailed infor_16
Disclosure of detailed information about statement of operations of Joint Venture (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||||
Revenue | $ 161,918 | $ 256,203 | ||
Production costs | (79,008) | (116,628) | ||
Depreciation and depletion | (41,944) | (64,153) | ||
Royalties | (8,096) | (12,810) | ||
Exploration and evaluation expenditures | (2,333) | (2,050) | ||
General and administrative expenses | (11,660) | (12,590) | ||
Income (loss) from operations | 19,719 | 47,972 | ||
Finance income | 5,555 | 609 | ||
Finance expense | (10,737) | (17,810) | ||
Loss before taxes | (128,704) | 30,388 | ||
Current income tax expense | 1,079 | 1,301 | ||
Deferred income tax recovery (expense) | 11,430 | 22,774 | ||
Net loss of the JV for the period | (141,213) | $ 6,313 | ||
Asanko Gold Mine (AGM) [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenue | $ 121,955 | $ 161,918 | 283,873 | |
Production costs | (79,039) | (79,008) | (158,047) | |
Depreciation and depletion | (34,329) | (41,944) | (76,273) | |
Royalties | (6,154) | (8,096) | (14,250) | |
Income (loss) from mine operations | 2,433 | 32,870 | 35,303 | |
Exploration and evaluation expenditures | (1,037) | (2,333) | (3,370) | |
General and administrative expenses | (4,242) | (4,566) | (8,808) | |
Income (loss) from operations | (2,846) | 25,971 | 23,125 | |
Fair value adjustment associated with JV Transaction | (200) | (126,697) | (126,897) | |
Finance income | 154 | 98 | 252 | |
Finance expense | (685) | (10,403) | (11,088) | |
Foreign exchange gain | 1,046 | 135 | 1,181 | |
Loss before taxes | (2,531) | (110,896) | (113,427) | |
Current income tax expense | 0 | (19) | (19) | |
Deferred income tax recovery (expense) | 0 | (11,430) | (11,430) | |
Net loss of the JV for the period | $ (2,531) | $ (122,345) | $ (124,876) |
Disclosure of detailed infor_17
Disclosure of detailed information about production costs of joint venture (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||||
Raw materials and consumables | $ (30,401) | $ (50,925) | ||
Salary and employee benefits | 12,782 | 20,621 | ||
Change in stockpile, gold-in-process and gold dore inventories | (15,934) | 2,345 | ||
Insurance, government fees, permits and other | (3,473) | (3,684) | ||
Share-based payments | (1,258) | (1,418) | ||
Total production costs | (79,008) | $ (116,628) | ||
Asanko Gold Mine (AGM) [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Raw materials and consumables | $ (23,548) | $ (30,401) | (53,949) | |
Salary and employee benefits | (12,393) | (12,713) | (25,106) | |
Contractors (net of deferred stripping costs) | (46,654) | (47,998) | (94,652) | |
Change in stockpile, gold-in-process and gold dore inventories | 9,250 | 15,934 | 25,184 | |
Insurance, government fees, permits and other | (5,545) | (3,473) | (9,018) | |
Share-based payments | (149) | (357) | (506) | |
Total production costs | $ (79,039) | $ (79,008) | $ (158,047) |
Disclosure of detailed infor_18
Disclosure of detailed information about after-tax amount recognized in records of AGM of joint venture (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jul. 31, 2018 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||
Loss associated with loss of control of former Ghanaian subsidiaries | $ (143,261) | |
Asanko Gold Mine (AGM) [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Mineral properties, plant and equipment | $ (154,675) | |
Deferred income tax liability (note 11) | 34,204 | |
Net assets derecognized | (120,471) | |
Accelerated accretion on long-term debt (note 16) | (6,226) | |
Transaction costs directly related to JV Transaction | (200) | |
Loss associated with loss of control of former Ghanaian subsidiaries | $ (126,897) |
Disclosure of detailed infor_19
Disclosure of detailed information about assets and liabilities of joint venture (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | |||
Cash and cash equivalents | $ 10,358 | $ 49,330 | $ 59,675 |
Receivables | 236 | 2,125 | |
Inventories | 33,887 | ||
Prepaid expenses and deposits | 180 | 3,468 | |
VAT receivable | 5,070 | ||
Total current assets | 13,102 | 93,880 | |
Non-current assets | |||
Inventories | 2,245 | ||
Reclamation deposit | 1,837 | ||
Exploration and evaluation assets | 13,085 | ||
Mineral properties, plant and equipment | 114 | 597,738 | |
Total non-current assets | 299,513 | 614,905 | |
Total assets | 312,615 | 708,785 | |
Current liabilities | |||
Accounts payable and accrued liabilities | 3,473 | 47,916 | |
Non-current liabilities | |||
Long-term incentive plan liability | 300 | ||
Asset retirement provisions | 30,790 | 25,374 | |
Total liabilities | 3,773 | 276,178 | |
Equity | 308,842 | 432,607 | 419,396 |
Total liabilities and equity | 312,615 | 708,785 | |
Asanko Gold Mine (AGM) [Member] | |||
Current assets | |||
Cash and cash equivalents | 21,648 | ||
Receivables | 4,513 | ||
Inventories | 68,141 | ||
Prepaid expenses and deposits | 2,693 | ||
VAT receivable | 12,317 | ||
Total current assets | 109,312 | ||
Non-current assets | |||
Inventories | 9,886 | ||
Reclamation deposit | 1,884 | ||
Exploration and evaluation assets | 9,649 | ||
Mineral properties, plant and equipment | 469,406 | ||
Total non-current assets | 490,825 | ||
Total assets | 600,137 | ||
Current liabilities | |||
Accounts payable and accrued liabilities | 52,656 | ||
Non-current liabilities | |||
Long-term incentive plan liability | 217 | ||
Asset retirement provisions | 34,036 | $ 30,790 | $ 25,374 |
Total liabilities | 86,909 | ||
Equity | 513,228 | ||
Total liabilities and equity | $ 600,137 |
Disclosure of detailed infor_20
Disclosure of detailed information about summary of inventories held by the AGM of joint venture (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of transactions between related parties [line items] | ||
Total current inventories | $ 33,887 | |
Asanko Gold Mine (AGM) [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Gold dore on hand | $ 0 | |
Gold-in-process | 5,325 | |
Ore stockpiles | 55,698 | |
Materials and spare parts | 17,004 | |
Total Inventories | 78,027 | |
Less non-current inventories: | (9,886) | |
Total current inventories | $ 68,141 |
Disclosure of detailed infor_21
Disclosure of detailed information about movement in the asset retirement obligation of the AGM of joint venture (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Balance, beginning of year | $ 30,790 | $ 25,374 |
Accretion expense | 429 | 650 |
Change in obligation | (2) | 4,766 |
Balance, end of year | 30,790 | |
Asanko Gold Mine [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Balance, beginning of year | 30,790 | 25,374 |
Accretion expense | 888 | 650 |
Change in obligation | 2,358 | 4,766 |
Balance, end of year | $ 34,036 | $ 30,790 |
Disclosure of detailed infor_22
Disclosure of detailed information about cash flows of the AGM of joint venture (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||||
Operating cash flow before working capital changes | $ 29,869 | $ (9,828) | ||
Net cash provided by operating activities after working capital changes | 33,429 | 123,238 | ||
Net cash used in investing activities | 82,308 | (123,351) | ||
Net cash provided by (used in) financing activities | (154,641) | $ (10,051) | ||
Asanko Gold Mine (AGM) [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Operating cash flow before working capital changes | $ 32,780 | $ 67,674 | 100,454 | |
Net cash provided by operating activities after working capital changes | 31,245 | 41,242 | 72,487 | |
Net cash used in investing activities | (32,594) | (53,039) | (85,633) | |
Net cash provided by (used in) financing activities | $ (29) | $ 12,849 | $ 12,820 |
Disclosure of geographic alloca
Disclosure of geographic allocation of total assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements [Line Items] | ||
Current assets | $ 13,102 | $ 93,880 |
Mineral properties, plant and equipment | 114 | 610,823 |
Other non-current assets | 299,399 | 4,082 |
Total assets | 312,615 | 708,785 |
Current liabilities | 3,473 | 84,367 |
Non-current liabilities | 300 | 191,811 |
Total liabilities | 3,773 | 276,178 |
Canada [Member] | ||
Statements [Line Items] | ||
Current assets | 13,102 | 27,673 |
Mineral properties, plant and equipment | 114 | 56 |
Other non-current assets | 0 | 0 |
Total assets | 13,216 | 27,729 |
Current liabilities | 3,473 | 1,704 |
Non-current liabilities | 300 | 0 |
Total liabilities | 3,773 | 1,704 |
Ghana [Member] | ||
Statements [Line Items] | ||
Current assets | 0 | 66,207 |
Mineral properties, plant and equipment | 0 | 610,767 |
Other non-current assets | 299,399 | 4,082 |
Total assets | 299,399 | 681,056 |
Current liabilities | 0 | 82,663 |
Non-current liabilities | 0 | 191,811 |
Total liabilities | $ 0 | $ 274,474 |
Disclosure of geographic allo_2
Disclosure of geographic allocation of the statement of operations and comprehensive income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Revenue | $ 161,918 | $ 256,203 |
Cost of sales | ||
Production costs | (79,008) | (116,628) |
Depreciation and depletion | (41,944) | (64,153) |
Royalties | (8,096) | (12,810) |
Total cost of sales | (129,048) | (193,591) |
Income from mine operations | 32,870 | 62,612 |
Share of net loss related to joint venture | (1,050) | |
Service fee earned as operators of joint venture | 1,892 | |
Exploration and evaluation expenditures | (2,333) | (2,050) |
General and administrative expenses | (11,660) | (12,590) |
Income (loss) from operations | 19,719 | 47,972 |
Loss due to loss of control of subsidiaries | (143,261) | |
Finance income | 5,555 | 609 |
Finance expense | (10,737) | (17,810) |
Foreign exchange loss | 20 | (383) |
Income (loss) before income taxes | (128,704) | 30,388 |
Current income tax expense | (1,079) | (1,301) |
Deferred income tax expense | (11,430) | (22,774) |
Net income (loss) and comprehensive income (loss) for the period | (141,213) | 6,313 |
Canada [Member] | ||
Statements [Line Items] | ||
Revenue | 0 | 0 |
Cost of sales | ||
Production costs | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Royalties | 0 | 0 |
Total cost of sales | 0 | 0 |
Income from mine operations | 0 | 0 |
Share of net loss related to joint venture | (1,050) | |
Service fee earned as operators of joint venture | 1,892 | |
Exploration and evaluation expenditures | 0 | 0 |
General and administrative expenses | (7,094) | (4,320) |
Income (loss) from operations | (6,252) | (4,320) |
Loss due to loss of control of subsidiaries | (16,364) | |
Finance income | 5,457 | 197 |
Finance expense | (334) | (14) |
Foreign exchange loss | (115) | (252) |
Income (loss) before income taxes | (17,608) | (4,389) |
Current income tax expense | (1,060) | (1,301) |
Deferred income tax expense | 0 | 0 |
Net income (loss) and comprehensive income (loss) for the period | (18,668) | (5,690) |
Ghana [Member] | ||
Statements [Line Items] | ||
Revenue | 161,918 | 256,203 |
Cost of sales | ||
Production costs | (79,008) | (116,628) |
Depreciation and depletion | (41,944) | (64,153) |
Royalties | (8,096) | (12,810) |
Total cost of sales | (129,048) | (193,591) |
Income from mine operations | 32,870 | 62,612 |
Share of net loss related to joint venture | 0 | |
Service fee earned as operators of joint venture | 0 | |
Exploration and evaluation expenditures | (2,333) | (2,050) |
General and administrative expenses | (4,566) | (8,270) |
Income (loss) from operations | 25,971 | 52,292 |
Loss due to loss of control of subsidiaries | (126,897) | |
Finance income | 98 | 412 |
Finance expense | (10,403) | (17,796) |
Foreign exchange loss | 135 | (131) |
Income (loss) before income taxes | (111,096) | 34,777 |
Current income tax expense | (19) | 0 |
Deferred income tax expense | (11,430) | (22,774) |
Net income (loss) and comprehensive income (loss) for the period | $ (122,545) | $ 12,003 |
Disclosure of nature and extent
Disclosure of nature and extent of risks arising from financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statements [Line Items] | |||
Cash and cash equivalents | $ 10,358 | $ 49,330 | $ 59,675 |
VAT receivable | 5,070 | ||
Accounts payable and accrued liabilities | (3,473) | (47,916) | |
Foreign currency risk [Member] | |||
Statements [Line Items] | |||
Net exposure to foreign currency | 53 | ||
C$ [Member] | Foreign currency risk [Member] | |||
Statements [Line Items] | |||
Cash and cash equivalents | 162 | 324 | |
VAT receivable | 318 | 0 | |
Accounts payable and accrued liabilities | (797) | (895) | |
Net exposure to foreign currency | (317) | (571) | |
GHS [Member] | Foreign currency risk [Member] | |||
Statements [Line Items] | |||
Cash and cash equivalents | 18,874 | ||
VAT receivable | 23,003 | ||
Accounts payable and accrued liabilities | (45,439) | ||
Net exposure to foreign currency | (3,562) | ||
USD Equivalent [Member] | Foreign currency risk [Member] | |||
Statements [Line Items] | |||
Cash and cash equivalents | 311 | 4,416 | |
VAT receivable | 233 | 5,070 | |
Accounts payable and accrued liabilities | (668) | (10,722) | |
Net exposure to foreign currency | (124) | $ (1,236) | |
South Africa, Rand | Foreign currency risk [Member] | |||
Statements [Line Items] | |||
Cash and cash equivalents | 2,556 | ||
VAT receivable | 0 | ||
Accounts payable and accrued liabilities | (163) | ||
Net exposure to foreign currency | 2,393 | ||
United Kingdom, Pounds | Foreign currency risk [Member] | |||
Statements [Line Items] | |||
Cash and cash equivalents | 0 | ||
VAT receivable | 0 | ||
Accounts payable and accrued liabilities | (42) | ||
Net exposure to foreign currency | $ (42) |
Disclosure of information about
Disclosure of information about key management personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||
Salaries and benefits | $ 2,373 | $ 1,797 |
Share-based payments | 312 | 736 |
Total compensation | $ 2,685 | $ 2,533 |