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Lease Liabilities | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Lease Liabilities |
|  |  |  | UNITED STATES DOLLAR
|  |  |  | 2020 |  |  | 2019 |
33. |  | LEASE LIABILITIES |
|  | Balance at the beginning of the year (201 8: finance lease liabilities) |  |  | 332.9 |  |  |  | 88.6 |
|  | Leases recognised on adoption of IFRS 16 3 |  |  | — |  |  |  | 209.6 |
|  | Additions during the year 1 |  |  | 127.2 |  |  |  | 67.3 |
|  | Remeasurements of leases during the year 2 |  |  | 12.8 |  |  |  | 5.9 |
|  | Interest expense |  |  | 22.4 |  |  |  | 18.6 |
|  | Repayments |  |  | (86.8 | ) |  |  | (56.9 | )
|  | Translation adjustment |  |  | 20.5 |  |  |  | (0.2 | )
|  | Balance at the end of the year |  |  | 429.0 |  |  |  | 332.9 |
|  | Current portion of lease liability |  |  | (64.2 | ) |  |  | (45.2 | )
|  | Non-current portion of lease liability |  |  | 364.8 |  |  |  | 287.7 |
|  | Lease liabilities are payable as follows: |
|  | Future minimum lease payments |
|  | - within one year |  |  | 88.4 |  |  |  | 63.9 |
|  | - later than one and not later than five years |  |  | 228.7 |  |  |  | 178.2 |
|  | - later than five years |  |  | 261.2 |  |  |  | 205.3 |
|  | Total |  |  | 578.3 |  |  |  | 447.4 |
|  | Interest |
|  | - within one year |  |  | 24.2 |  |  |  | 18.7 |
|  | - later than one and not later than five years |  |  | 71.5 |  |  |  | 55.2 |
|  | - later than five years |  |  | 53.6 |  |  |  | 40.6 |
|  | Total |  |  | 149.3 |  |  |  | 114.5 |
|  | Present value of minimum lease payments |
|  | - within one year |  |  | 64.2 |  |  |  | 45.2 |
|  | - later than one and not later than five years |  |  | 157.2 |  |  |  | 123.0 |
|  | - later than five years |  |  | 207.6 |  |  |  | 164.7 |
|  | Total |  |  | 429.0 |  |  |  | 332.9 |
1 | The additions in 2020 relate mainly to additional assets in terms of the power purchase agreements at Tarkwa, Agnew and Granny Smith (2019: Gas fired power plant and solar farm portion of the power purchase agreement at Agnew).
2 | The remeasurements in 2020 and 2019 relate mainly to leases at the Group’s Australian operations that have variable payments linked to the Australian consumer price index (“CPI”).
3 | The Group applied IFRS 16 Leases from 1 January 2019 using the modified retrospective approach. Accordingly, the comparative information presented for 2018 was not restated.
On transition to IFRS 16, the Group elected to recognise the right-of-use assets at an amount equal to the lease liability at 1 January 2019 and applied the following practical expedients:
| • |  | Relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review. There were no onerous contracts as at 1 January 2019; and
| • |  | Accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases.
On transition to IFRS 16, the Group recognised additional right-of-use assets and lease liabilities amounting to US$209.6 million.

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