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DEBT (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of detailed information about borrowings [abstract]  
Disclosure of detailed information about borrowings
The following table displays the components of our current and long term debt instruments:
 
As of
 
As of
 
December 31, 2017
 
December 31, 2016
Current debt:
 
 
 
Equipment financing credit facility
$
147

 
$
931

Finance leases
1,229

 
1,153

Ecobank Loan III
2,222

 
—

5% Convertible Debentures at fair value (see Note 5)
—

 
13,294

Vendor agreement
12,266

 
—

Total current debt
$
15,864

 
$
15,378

Long term debt:
 
 
 
Equipment financing credit facility
$
—

 
$
188

Finance leases
269

 
806

Ecobank Loan III
7,337

 
—

7% Convertible Debentures
42,515

 
47,617

Royal Gold loan
18,817

 
18,496

Vendor agreement
10,803

 
22,338

Total long term debt
$
79,741

 
$
89,445

 
 
 
 
Current portion
$
15,864

 
$
15,378

Long term portion
79,741

 
89,445

Total
$
95,605


$
104,823
Schedule of changes in borrowings
The changes in the carrying amount of the 7% Convertible Debentures are as follows:
 
For the Years Ended 
 December 31,
 
2017
 
2016
Beginning balance
$
47,617

 
$
—

Principal value of debt issued
—

 
65,000

Embedded derivative fair value at debt issuance
—

 
(12,259
)
Transaction costs
—

 
(2,271
)
Conversions
(6,947
)
 
(3,708
)
Accretion of 7% Convertible Debentures discount
1,845

 
855

Balance at the end of the period
$
42,515

 
$
47,617
Schedule of payments on outstanding debt
Schedule of payments on outstanding debt as of December 31, 2017:
 
 
Year ending December 31, 2018
 
Year ending December 31, 2019
 
Year ending December 31, 2020
 
Year ending December 31, 2021
 
Year ending December 31, 2022
 
Maturity
Equipment financing loans
 
 
 
 
 
 
 
 
 
 
 
 
Principal
 
$
147

 
$
—

 
$
—

 
$
—

 
$
—

 
2018
Interest
 
4

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finance leases
 
 
 
 
 
 
 
 
 
 
 
 
Principal
 
1,229

 
269

 
—

 
—

 
—

 
2019
Interest
 
63

 
8

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ecobank Loan III
 
 
 
 
 
 
 
 
 
 
 
 
Principal
 
2,222

 
2,222

 
2,222

 
2,500

 
834

 
2022
Interest
 
831

 
629

 
429

 
245

 
56

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7% Convertible Debentures
 
 
 
 
 
 
 
 
 
 
 
 
Principal
 
—

 
—

 
—

 
51,498

 
—

 
August 15, 2021
Interest
 
3,605

 
3,605

 
3,605

 
3,605

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Royal Gold loan
 
 
 
 
 
 
 
 
 
 
 
 
Principal 1
 
—

 
20,000

 
—

 
—

 
—

 
2019
Interest 2
 
1,625

 
948

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vendor agreement
 
 
 
 
 
 
 
 
 
 
 
 
Principal
 
12,266

 
12,266

 
—

 
—

 
—

 
2019
Interest
 
1,418

 
498

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total principal
 
$
15,864

 
$
34,757

 
$
2,222

 
$
53,998

 
$
834

 
 
Total interest
 
7,546

 
5,688

 
4,034

 
3,850

 
56

 
 
 
 
$
23,410

 
$
40,445

 
$
6,256

 
$
57,848

 
$
890

 
 

1 Beginning with the three months ending June 30, 2017, the excess cash flow provision of the Royal Gold loan came into effect. The excess cash flow provision as defined in the Royal Gold loan agreement requires the Company to make mandatory repayments of 25% of excess cash flow for the remainder of 2017 and mandatory repayments of 50% excess cash flow beginning 2018 until maturity. The excess cash flow calculation is dependent upon factors some of which are beyond the Company's control such as gold price. No excess cash flow repayments have been required to date. The schedule of payments shows the total principal amount outstanding settled at maturity.
2 Interest payments on the Royal Gold loan are based on the average daily LBMA gold price multiplied by 62.5% divided by 10,000 to a maximum interest rate of 11.5% per annum. The estimated interest payments are calculated based on $1,300 per ounce LBMA gold price.