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PROVISIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] |
Provisions |
| December 31, 2017 | December 31, 2016
| Current |  | Non-current |  | Current |  | Non-current |
| $ |  | $ |  | $ |  | $ |
Moratorium (1) | 9,085 |  | 36,952 |  | 67,130 |  | — |
Restructuring provision (2) | — |  | — |  | 7,329 |  | — |
Close down and restoration provision (3) | 978 |  | 57,352 |  | 8,347 |  | 55,562 |
Other provisions | 1,250 |  | — |  | — |  | — |
| 11,313 |  | 94,304 |  | 82,806 |  | 55,562 |
(1) | We entered into a fiscal stability agreement with the Federal Government of Argentina in 1998 for production from the Puna Operations. In December 2007, the National Customs Authority of Argentina (Dirección Nacional de Aduanas) ("Customs") levied an export duty of approximately 10% from concentrate for projects with fiscal stability agreements pre-dating 2002 and Customs had asserted that the Puna Operations was subject to this duty. We had previously challenged the legality of the export duty applied to silver concentrate.
On March 31, 2017, we entered into the tax moratorium system in Argentina to resolve the export duty dispute. Under the conditions of the moratorium, which converted the export duty liability to ARS, we agreed to pay ARS 1,057,444,000 ($68,621,000 undiscounted) with a 5% down payment initially and the balance in installments over 60 months. Outstanding ARS amounts are subject to interest at a minimum rate of 1.5% per month. With our entry into the tax moratorium for resolution of our export duty dispute, we are no longer challenging the legality of the application of the export duty other than with respect to our right for reimbursement of the $6,646,000 of export duty that we paid. At December 31, 2016 we had accrued a provision for $67,130,000 for unpaid duties but had not accrued for potential interest and penalties. Entering the tax moratorium resolved the existing liability, and we recognized the new ARS liability at estimated net present value of future cash outflows by discounting expected future payments using a discount rate of approximately 20% per annum over the 60-month period. We paid 5%, or $3,431,000, when entering the moratorium on March 31, 2017 and recognized the reduction in the liability of $4,303,000 as a reduction to cost of sales. We subsequently paid principal and interest of $13,455,000 under the moratorium and recognized interest expense of $7,616,000 in the period from March 31, 2017 to December 31, 2017.
(2) | As at December 31, 2016, we provided for various employee termination benefits as a result of anticipated employee reductions at the Puna Operations due to the pit closure in 2017. As at December 31, 2017, all employee termination benefits were paid.
(3) | Our close down and restoration provision relates to the restoration and closure of our mining operations and exploration and evaluation assets (note 9).
Disclosure of Changes in the Close Down and Restoration Provision | The changes in the close down and restoration provision during the years ended December 31, 2017 and December 31, 2016 were as follows:
| December 31, 2017 |  | December 31, 2016 |
| $ |  | $ |
Balance, beginning of year | 63,909 |  | 58,920 |
Provision from acquisition of Seabee Gold Operation (note 3) | — |  | 5,464 |
Provision removed from sale of exploration and evaluation asset (note 8) | — |  | (257 | )
Settled during the year | (926 | ) | (838 | )
Accretion expense | 3,380 |  | 3,624 |
Foreign exchange gain (loss) | 396 |  | (163 | )
Revisions and new estimated cash flows | (8,429 | ) | (2,841 | )
Balance, end of year | 58,330 |  | 63,909 |
Less: current portion | (978 | ) | (8,347 | )
Non-current close down and restoration provision | 57,352 |  | 55,562 |

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