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Note 16 - Gold Hedge | 12 Months Ended
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Dec. 31, 2019
Statement Line Items [Line Items] |
Disclosure of hedge accounting [text block] |
16 | Gold hedge
The Company entered into a 5 -month hedge in respect of 4,500 ounces of gold per month from February to June 2019 through the purchase of put options with a strike price of $1,250 per ounce . The gold price never went below $1,250 per ounce and the hedge was concluded at a cost of $324. The Company entered into a new hedge in November 2019 at a cost of $379. The new hedge was in the form of put options in respect of 4,600 ounces of gold per month for the period January to June 2020 exercisable at a strike price of $1,400 per ounce. At December 31, 2019 the mark-to-market valuation, that represents the fair value of the hedge amounted to $102 ( 2018: Nil ). Both hedges were entered into by the Company for economic hedging purposes to ensure sufficient cash availability for Blanket Mine’s capital investment plan, rather than as a speculative investment. The total expense of the derivative contracts amounted to $601 ( 2018: $360 ) for the year.

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- Definition The disclosure of hedge accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2021-01-01 -Name IFRS -Number 7 -IssueDate 2019-01-01 -Paragraph 22 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_22&doctype=Standard&book=b -URIDate 2019-03-27 + Details
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