Finance costs and finance revenues (Tables)

12 Months Ended

Dec. 31, 2017

These captions are made up as follows:

	2017		2016		2015
	US$(000)		US$(000)		US$(000)

Finance revenues:
Interests on loans to associates, note 29(a)		1,685		4,164		2,286
Interest on time deposits		1,050		358		419
Interests on third parties loans		813		489		492
Interests on tax claims		153		487		1,297
Income from financial instruments		-		743		-
Dividends income		-		589		500
Other finance revenues		43		-		-
		3,744		6,830		4,994
Unrealized variation of the fair value related to contingent consideration liability (b)		1,773		-		6,032

Total finance revenues		5,517		6,830		11,026

Finance costs:
Interest on borrowings		27,052		18,668		17,875
Interest on loans		1,056		4,643		5,565
Banking expenses		552		319		366
Increase in debt issuance costs, note 16(g)		480		-		-
Tax on financial transactions		180		159		312
Interest on commercial obligations		5		496		120
Other finance costs		7		830		41
		29,332		25,115		24,279
Accrual of debt issuance costs, note 16(g)		909		-		-
Accrual of the present value for mine and exploration project closure, note 15(b)		4,382		4,116		3,293
Unrealized variation of the fair value related to contingent consideration liability (b)		-		2,349		-

Total finance costs		34,623		31,580		27,572

A reconciliation of fair value measurement of the contingent consideration liability is provided below:

	2017		2016		2015
	US$(000)		US$(000)		US$(000)

Beginning balance		19,343		16,994		23,026
Variation of the fair value in results		(1,773)		2,349		(6,032)

Final balance		17,570		19,343		16,994

Significant unobservable valuation inputs are provided below:

	2017		2016

Annual average of future sales of mineral (US$000)		193,588		233,278
Useful life of mining properties		13		13
Discount rate (%)		10		10