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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2020
Disclosure of detailed information about borrowings [abstract] |
DEBT [Text Block] | 18. DEBT
|  | As at December 31, |
|  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |
Lease liabilities (b) |  | 8,094 |  |  | 7,990 |
Secured equipment loans (c) |  | 7,536 |  |  | 6,626 |
Lease related obligations (d) |  | 1,987 |  |  | 1,844 |
|  | 17,617 |  |  | 16,460 |
Long-term: |  |  |  |  |  |
Senior secured notes (a) |  | 313,965 |  |  | 317,728 |
Lease liabilities (b) |  | 11,829 |  |  | 11,107 |
Secured equipment loans (c) |  | 12,536 |  |  | 18,746 |
Lease related obligations (d) |  | 7,457 |  |  | 9,444 |
|  | 345,787 |  |  | 357,025 |
Total debt |  | 363,404 |  |  | 373,485 |
(a) Senior secured notes In June 2017, the Company completed an offering of US$250,000 aggregate principal amount of senior secured notes (the "2022 Notes"). The Notes mature on June 15, 2022 and bear interest at an annual rate of 8.750%, payable semi-annually on June 15 and December 15. The 2022 Notes are secured by liens on the shares of Taseko's wholly-owned subsidiary, Gibraltar Mines Ltd., and the subsidiary's rights under the joint venture agreement relating to the Gibraltar Mine. The 2022 Notes are guaranteed by each of Taseko's existing and future restricted subsidiaries, other than Yellowhead. The Company is able to incur limited amounts of additional secured and unsecured debt under certain conditions as defined in the indenture. The Company is also subject to certain restrictions on asset sales, issuance of preferred stock, dividends and other restricted payments. However, there are no maintenance covenants with respect to the Company's financial performance. On February 10, 2021, the Company announced that it had closed an offering of US$400 million aggregate principal amount of Senior Secured Notes due 2026 (the "2026 Senior Secured Notes"). Interest on the 2026 Senior Secured Notes will accrue at an annual rate of 7.0% payable semi-annually. Taseko intends to use the majority of the net proceeds from this offering to redeem all the 2022 Notes, including the call premium of 102.188% and accrued interest (Note 27). (b) Lease liabilities Lease liabilities include the Company's outstanding lease liabilities under IFRS 16. At December 31, 2020, the net carrying amount of leased assets was $32,449 (2019: $37,254). The lease liabilities have monthly repayment terms ranging between 8 and 70 months and with interest rates between 4.2% and 6.3%. (c) Secured equipment loans The equipment loans are secured by existing mining equipment at the Gibraltar Mine and commenced between June, 2018 and August, 2019 with monthly repayment terms ranging between 48 and 60 months and with interest rates ranging between 5.2% to 6.4%. In May 2019, Gibraltar entered into an equipment loan with the Company's share of proceeds being $13,875 and in August 2019, Gibraltar entered into an equipment loan with the Company's share of proceeds being $7,977. (d) Lease related obligations Lease related obligations relate to a lease arising under a sale leaseback transaction on certain items of equipment at the Gibraltar mine. The lease commenced in June 2019 and has a term of 54 months. At the end of the lease term, the Company has an option to renew the term, an option to purchase the equipment at fair market value or option to return the equipment. The lease contains a fixed price early buy-out option exercisable at the end of 48 months. (e) Debt continuity The following schedule shows the continuity of total debt for the year ended December 31, 2020:
|  | As at December 31, |
|  | 2020 |  |  | 2019 |
Total debt as at January 1 |  | 373,485 |  |  | 355,481 |
Lease additions on initial application of IFRS 16 |  | — |  |  | 5,962 |
Lease additions |  | 8,131 |  |  | 11,295 |
Equipment loan net proceeds |  | — |  |  | 21,852 |
Lease related obligations on sale leaseback transaction |  | — |  |  | 12,161 |
Lease liabilities and equipment loans repayments |  | (14,362 | ) |  | (18,920 | )
Unrealized foreign exchange gain |  | (6,541 | ) |  | (16,654 | )
Amortization of deferred financing charges |  | 2,691 |  |  | 2,308 |
Total debt as at December 31 |  | 363,404 |  |  | 373,485 |

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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