89
CONSOLIDATED FINANCIAL STATEMENTS
DRIVING GROWTH FROM WITHIN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013
(All amounts in US$‘000’s unless otherwise stated)
10. Other Liabilities
Other liabilities are comprised of the following:
December 31,
December 31,
2014
2013
Obligations under finance lease (a)
$
–
$
227
Long term liabilities (b)
38
27
Deferred share units (Note 13 c))
3,762
2,030
Restricted share units (Note 13, d))
861
286
4,661
2,570
Less: current portion
Obligations under finance lease (a)
–
227
Leases and long term liabilities, non-current
$
4,661
$
2,343
a) Obligations under Finance Lease
The following is a schedule of the Company’s future minimum lease payments. These are related to the acquisition of
mining equipment, vehicles, and buildings.
December 31,
December 31,
Obligations under Finance Lease
2014
2013
Not later than 1 year
$
–
$
231
Less: future finance charges on finance lease
–
(4)
Present value of finance lease payments
$
–
$
227
b) Long Term Liabilities
The Company’s Mexican operation is required to provide a seniority premium to all employees as required under Mexican
labor law. The seniority premium, equal to 12 days of salary for each year of services rendered and is subject to a salary
limitation of up to twice the minimum wage, is payable to employees who: (i) voluntarily leave their employment after
completing 15 years of service; (ii) leave their employment for just cause; (iii) are dismissed by the Company with or
without just cause; or (iv) die during the labor relationship, in such event their beneficiaries must receive such premium.
In addition, an employee dismissed without cause has the option to be reinstated to his or her former job instead of
receiving the seniority payment, provided the employee does not work in a white-collar position.
