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Lease liabilities

6 Months Ended

Jun. 30, 2023

Lease liabilities.

Lease liabilities

17.Lease liabilities


		30 June		31 December		1 January
US$ thousand		2023		2022		2022
Current lease liability		5,167		—		—
Non-current lease liability		11,080		—		—
		16,247		—		—

Sale and leaseback of underground equipment

During the period ended 30 June 2023, in connection with the Acquisition, the Group entered into a sale and leaseback arrangement for certain underground equipment for total proceeds of $16,564 thousand. The equipment will continue to be used over the 3-year lease term. As a result of the sale and leaseback transaction, the Group recognised a lease liability and a corresponding right-of-use asset in the amount of $15,733 thousand. As total proceeds from the sale of the equipment exceeded the fair value of the equipment at the time of sale, the transaction included a financing arrangement and the Group recognised a financial liability in the amount of $609 thousand (Refer Note 20).

17.Lease liabilities (continued)

Amounts recognised in consolidated statement of profit or loss and other comprehensive income


		30 June		30 June
US$ thousand		2023		2022
Interest on lease liabilities		41		—
Depreciation on ROU assets		131		—
		172		—

Amounts recognised in statement of cashflows


		30 June		30 June
US$ thousand		2023		2022
Cash outflow from operating activities
Payment for interest on lease liabilities		41		—

Cash outflow from financing activities
Payment for lease liabilities		29		—
Total cash outflow for leases		70		—

Leases reconciliation


US$ thousand
Balance at 1 January 2023		—

Additions to ROU assets		15,733
Additions from acquisition of subsidiary		504

Changes from financing activities:
Repayment of lease liabilities		(29)

Other changes:
Interest expense		41
Foreign exchange movements		(2)

Balance at 30 June 2023		16,247