PRINCIPAL SUBSIDIARIES

12 Months Ended

Dec. 31, 2018

Interests In Other Entities [Abstract]

PRINCIPAL SUBSIDIARIES

22. PRINCIPAL SUBSIDIARIES

The consolidated financial statements include the accounts of the Company and all of its subsidiaries at December 31, 2018. The principal operating subsidiaries are Wassa and Prestea, in which the Company has a 90% ownership interest in each.

Set out below is summarized financial information for each subsidiary that has non-controlling interests that are material to the group. The amounts are disclosed on a 100% basis and disclosure for each subsidiary are based on those included in the consolidated financial statements before inter-company eliminations.

Summarized statement of financial position

	Wassa						Prestea
	As of December 31,						As of December 31,
	2018			2017			2018			2017
Non-controlling interest percentage	10		%	10		%	10		%	10		%
Current assets	$	129,656		$	94,760		$	13,633		$	25,023
Current liabilities	150,404			160,725			1,152,156			1,058,732
	(20,748		)	(65,965		)	(1,138,523		)	(1,033,709		)
Non-current assets	141,262			138,416			134,090			131,245
Non-current liabilities	42,588			25,016			62,737			76,373
	98,674			113,400			71,353			54,872
Net assets/(liabilities)	77,926			47,435			(1,067,170		)	(978,837		)
Non-controlling interest	$	15,605		$	12,562		$	(87,578	)	$	(78,587	)

Summarized income statement

	Wassa				Prestea
	For the years ended December 31,				For the years ended December 31,
	2018		2017		2018			2017
Revenue	$	190,016	$	156,908	$	93,134		$	138,295
Net income/(loss) and comprehensive income/(loss)	30,491		16,924		(88,332		)	4,619

Summarized cash flows

	Wassa				Prestea
	For the years ended December 31,				For the years ended December 31,
	2018		2017		2018		2017
Cash flows provided by/(used in) operating activities	57,897		27,486		(77,115	)	3,505
Cash flows used in investing activities	(34,984	)	(21,744	)	(11,956	)	(43,616	)
Cash flows (used in)/provided by financing activities	(31,112	)	7,468		85,581		42,078