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Finance Lease Liabilities
 12 Months Ended
Dec. 31, 2018
Text block [abstract]  
Finance Lease Liabilities
33.    FINANCE LEASE LIABILITIES         
   Balance at the beginning of the year      —          —       
   Additions1      96.2        —       
   Interest expense      0.2        —       
   Repayments      (2.5 )       —       
   Translation adjustment      (5.3 )       —       
     

 

 

     

 

 

     
   Balance at the end of the year      88.6        —       
   Current portion of finance lease liability      (8.5 )       —       
     

 

 

     

 

 

     
   Non-current portion of finance lease liability      80.1        —       
     

 

 

     

 

 

     
   Finance lease liabilities are payable as follows:         
   Future minimum lease payments         
   – within one year      11.6        —       
   – later than one and not later than five years      41.5        —       
   – later than five years      58.4        —       
     

 

 

     

 

 

     
   Total      111.5        —       
     

 

 

     

 

 

     
   Interest         
   – within one year      3.1        —       
   – later than one and not later than five years      11.5        —       
   – later than five years      8.3        —       
     

 

 

     

 

 

     
   Total      22.9        —       
     

 

 

     

 

 

     
   Present value of minimum lease payments         
   – within one year      8.5        —       
   – later than one and not later than five years      30.0        —       
   – later than five years      50.1        —       
     

 

 

     

 

 

     
   Total      88.6        —       
     

 

 

     

 

 

     

1 

The finance lease additions relate mainly to the power purchase agreement at Gruyere. Gruyere joint venture (“Gruyere”) entered into a contract with APA Power Holdings Proprietary Limited (“APA”) for the supply of electricity to the Gruyere Mine. Gruyere has contracted APA to design, construct, operate and maintain the power facilities including gas pipelines for a period of 15 years. Gruyere pays a fee including a fixed monthly charge over the term of the arrangement, that is adjusted by the Australian consumer price index (“CPI”) on an annual basis. Due to the location of the site and the capacity of the plant, APA is unlikely to sell the power generated to other customers. Accordingly, although the arrangement is not in the legal form of a lease, in terms of IFRIC 4 Determining Whether an Arrangement Contains a Lease it meets the definition of a lease and the lease was classified as a finance lease. At the inception of the arrangement, payments were split into lease payments and non-lease payments based on their relative fair values. The imputed finance costs on the liability were determined based on the interest rate implicit in the lease of 3.46%. The Group has proportionately consolidated its share of the finance lease.