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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Instruments [Abstract] |
Disclosure of information about terms and conditions of hedging instruments and market risk | As at December 31, 2017, we had the following hedge positions outstanding:
| 2018 |  | 2019 |
Notional amount (in thousands of Canadian dollars) | 23,000 |  | 8,000 |
Estimated usage | 31.0 | % | 11.3 | %
Floor level ($1 Canadian dollars per U.S ) | 0.7835 |  | 0.8000 |
Cap level ($1 Canadian dollars per U.S.) | 0.7372 |  | 0.7625 |
As at December 31, 2017, the spot price of diesel was $1.98/gallon and we have hedged the following future anticipated usage at the Marigold mine:
| 2018 |  | 2019 |
Gallons hedged (in thousands) | 3,276 |  | 252 |
Estimated usage | 32.1 | % | 2.5 | %
Floor price ($/gallon) | 1.32 |  | 1.26 |
Cap price ($/gallon) | 1.90 |  | 1.90 |
Disclosure of nature and extent of risks arising from financial instruments | The following are the most significant areas of exposure to currency risk, shown in thousands of U.S. dollars:
| December 31, 2017
| Canadian dollar |  | Argentine peso |
Cash | 5,342 |  | 17,223 |
Value added tax receivable | 206 |  | 12,242 |
Other financial assets | 200 |  | 884 |
Trade and other payables (excluding VAT and income taxes) | (17,017 | ) | (5,021 | )
Provisions | — |  | (47,287 | )
Total | (11,269 | ) | (21,959 | )
23. | FINANCIAL RISK MANAGEMENT (Continued)
| December 31, 2016
| Canadian dollar |  | Argentine peso |
Cash | 15,325 |  | 11,858 |
Value added tax receivable | 398 |  | 17,826 |
Other financial assets | — |  | 1,184 |
Trade and other payables (excluding income taxes) | (17,084 | ) | (16,474 | )
Provisions | — |  | (7,329 | )
Total | (1,361 | ) | 7,065 |
Disclosure of sensitivity analysis for types of market risk | A 10% increase or decrease in the U.S. dollar exchange rate, as at December 31, 2017 and December 31, 2016, on financial assets and liabilities denominated in the following currencies, with all other variables held constant, would have resulted in the following impact to our total comprehensive income for the years ended December 31, 2017 and December 31, 2016, respectively:
Years ended December 31 | 2017 |  | 2016 |
| $ |  | $ |
Canadian dollar | 701 |  | 101 |
Argentine peso | 1,460 |  | 476 |
Disclosure of credit risk exposure | Our maximum exposure to credit risk as at December 31, 2017 and December 31, 2016 was as follows:
| December 31, 2017 |  | December 31, 2016 |
| $ |  | $ |
Cash and cash equivalents | 459,864 |  | 327,127 |
Value added tax receivable | 13,755 |  | 19,993 |
Trade receivables and other assets | 14,848 |  | 36,236 |
Other financial assets | 22,399 |  | 14,116 |
| 510,866 |  | 397,472 |
Disclosure of liquidity risk | The following is a maturity profile of financial liabilities and moratorium commitments presenting undiscounted cash flows to the contractual maturity date:
| Payments due by period (as at December 31, 2017) | At December 31, 2016 |
| Less than one year |  | 1 - 3 years |  | 4-5 years |  | After 5 years |  | Total |  | Total |
| $ |  | $ |  | $ |  | $ |  | $ |  | $ |
Trade and other payables | 52,590 |  | — |  | — |  | — |  | 52,590 |  | 60,253 |
Moratorium | 9,085 |  | 36,952 |  | — |  | — |  | 46,037 |  | 67,130 |
Notes (i) | — |  | 265,000 |  | — |  | — |  | 265,000 |  | 265,000 |
Interest on convertible notes (i) | 7,619 |  | 11,428 |  | — |  | — |  | 19,047 |  | 26,666 |
Total contractual obligations | 69,294 |  | 313,380 |  | — |  | — |  | 382,674 |  | 419,049 |
(i) | The Notes mature in 2033 but are redeemable in part or in full at the option of the holder on February 1 at each of 2020, 2023, and 2028, or upon fundamental corporate changes. They are also redeemable by us in part or in full on and after February 1, 2018 (note 14).

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- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2017-01-01 -Paragraph 40 -Subparagraph a -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2017-03-01&anchor=para_40_a&doctype=Standard -URIDate 2017-03-09 + Details
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