EXCHANGEABLE NOTES (Tables)

12 Months Ended

Dec. 31, 2018

Borrowings [abstract]

Schedule of Exchangeable Notes

The first date on which holders can exercise their put option is April 1, 2022. If the put option is exercised, the issuer has to repurchase the notes at par. The embedded derivatives are summarised as follows:

	December 31,2018 US$’000		December 31,2017 US$’000
Non-current assets
Exchangeable note bond call option		-		360
Non-current liabilities
Exchangeable note equity conversion option		238		1,790
Exchangeable note bond put option		-		440
		238		2,230
Total value of embedded derivatives – net liability		238		1,870

Schedule of Carrying Value of Exchangeable Senior Notes

Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The carrying value of exchangeable senior notes is calculated as follows:

	December 31,2018 US$’000			December 31,2017 US$’000
Balance at 1 January		92,955			92,232
Accretion interest		689			723
Less: purchased during the year at fair value		(12,262	)		-
		81,382			92,955

	December 31,2018 US$’000		December 31,2017 US$’000
Exchangeable senior notes		81,382		92,955
Total value of embedded derivatives – liability		238		2,230
Total non-current liabilities		81,620		95,185