26.	LEASE LIABILITIES

	December 31, 2019 US$’000						December 31, 2019 US$’000
	Lease liabilities related to Right of Use assets						Sale and leaseback liabilities
	Minimum lease payments		Interest		Principal		Minimum lease payments		Interest		Principal
Less than one year		3,017		861		2,156		267		19		248
In more than one year, but not more than two		2,787		775		2,012		107		12		95
In more than two years but not more than five		6,700		1,861		4,840		185		9		176
more than five years		12,748		2,126		10,622		-		-		-

		25,252		5,263		19,630		559		40		519

	December 31, 2018		December 31, 2018 US$’000
	Operating Leases		Sale and leaseback liabilities
	Minimum lease payments		Minimum lease payments		Interest		Principal
Less than one year		3,083		473		37		436
In more than one year, but not more than two		2,783		271		19		252
In more than two years but not more than five		6,777		294		20		274
more than five years		14,699		-		-		-

		27,342		1,038		76		962

Lease payments not recognised as a liability

The Group has elected not to recognise a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred. The expense relating to payments not included in the measurement of the lease liability is as follows:

	December 31, 2019
	US$000
Short term leases		130
Leases of low value assets		-
Variable lease payments		-
		130

Terms and debt repayment schedule

The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2019 are as follows:

Facility	Currency	Nominal interest rate			Year of maturity		Fair Value		Carrying Value
Sale and leaseback liabilities	Euro		4.53	%		2023		286		286
Sale and leaseback liabilities	USD		5.51	%		2023		233		233

Total interest-bearing loans and borrowings								519		519

The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2018 were as follows:

Facility	Currency	Nominal interest rate			Year of maturity		Fair Value		Carrying Value
Sale and leaseback liabilities	Euro		4.53	%		2023		648		648
Sale and leaseback liabilities	USD		5.51	%		2023		314		314

Total interest-bearing loans and borrowings								962		962

The total paid in respect of lease liabilities in the year ended December 31, 2019 was US$3,533,000 (2018: US$374,000).