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14. EQUIPMENT LOANS

12 Months Ended

Dec. 31, 2017

The Company has entered into loans for mining equipment maturing in between 2018 and 2020 with fixed interest rates of 4.35% to 5.26% per annum. The Company’s obligations under the loans are secured by the mining equipment. As at December 31, 2017, plant, equipment, and mining properties includes a net carrying amount of $2,065,332 (December 31, 2016 - $2,507,549, January 1, 2016 - $706,345) for this mining equipment.

The contractual maturities and interest charges in respect of the Company’s obligations under the equipment loans are as follows:

	December 31,			December 31,			January 1,
	2017			2016			2016
Not later than one year	$	886,145		$	1,060,091		$	188,863
Later than one year and not later than five years		409,899			1,237,700			566,904
Less: Future interest charges		(49,840	)		(130,106	)		(66,381	)
Present value of loan payments		1,246,204			2,167,685			689,386
Less: Current portion		(848,387	)		(976,951	)		(160,543	)
Non-current portion	$	397,817		$	1,190,734		$	528,843

The equipment loan credit facilities are a component of the master credit facilities described in Note 16.