PRINCIPAL SUBSIDIARIES

12 Months Ended

Dec. 31, 2019

Interests In Other Entities [Abstract]

PRINCIPAL SUBSIDIARIES

23. PRINCIPAL SUBSIDIARIES

The consolidated financial statements include the accounts of the Company and all of its subsidiaries at December 31, 2019. 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,
	2019			2018			2019			2018
Non-controlling interest percentage	10		%	10		%	10		%	10		%
Current assets	$	142,603		$	129,656		$	14,623		$	13,633
Current liabilities	163,640			150,404			1,267,815			1,152,156
	(21,037		)	(20,748		)	(1,253,192		)	(1,138,523		)
Non-current assets	182,982			141,262			79,788			134,090
Non-current liabilities	37,327			42,588			45,871			62,737
	145,655			98,674			33,917			71,353
Net assets/(liabilities)	124,618			77,926			(1,219,275		)	(1,067,170		)
Non-controlling interest	$	20,275		$	15,605		$	(102,788	)	$	(87,578	)

Summarized income statement

	Wassa				Prestea
	For the years ended December 31,				For the years ended December 31,
	2019		2018		2019			2018
Revenue	$	216,678	$	190,016	$	66,820		$	93,134
Net income/(loss) and comprehensive income/(loss)	46,691		30,491		(152,106		)	(88,332		)

Summarized cash flows

	Wassa				Prestea
	For the years ended December 31,				For the years ended December 31,
	2019		2018		2019		2018
Cash flows provided by/(used in) operating activities	78,809		57,897		(88,883	)	(77,115	)
Cash flows used in investing activities	(49,622	)	(34,984	)	(10,685	)	(11,956	)
Cash flows (used in)/provided by financing activities	(26,993	)	(31,112	)	98,994		85,581