RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2015

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 14 RELATED PARTY TRANSACTIONS

An aircraft owned and operated by Lexam L.P. (which is controlled by Robert R. McEwen, limited partner and beneficiary of Lexam L.P.) has been made available to the Company in order to expedite business travel. In his role as Chairman and Chief Executive Officer of the Company, Mr. McEwen must travel extensively and frequently on short notice.

Mr. McEwen is able to charter the aircraft from Lexam L.P. at a preferential rate approved by the Company’s independent board members under a policy whereby only the variable expenses of operating this aircraft for business related travel are eligible for reimbursement by the Company. For the year ended December 31, 2015, the Company incurred and paid $0.1 million (2014  -$0.1 million; 2013  -$0.2 million) to Lexam L.P. for the use of this aircraft.

During the year ended December 31, 2015, legal fees of $0.1 million (2014 – $nil, 2013- $nil) were incurred with REVlaw, a company related to Ms. Carmen Diges, General Counsel of the Company, from which an owing balance of $0.1 million is included within accounts payable at December 31, 2015 (2014 – $nil, 2013 - $nil). The services of Ms. Diges as General Counsel are provided by REVlaw.  These legal fees have been recorded at their exchange amount – being the amount agreed to by the parties.