b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)TheUJVisgovernedbytheMineralAgreement Generally,thereisapresumptionthatamajoritydatedApril7,1994,asamended,theUJV ofvotingrightsresultincontrol.Tosupportthisagreement and the Accounting manual bothpresumption and when the Group has less signedonApril22,2020.InthisUJV,the thanamajorityofthevotingorsimilarrightsofparticipatinginterestis30%forStaatsolieand70% aninvestee,itconsidersallrelevantfactsandfor Rosebel and the latter has been appointed ascircumstances in assessing whether it has power theUJVoperator. overaninvestee,including:Rosebel,establishedonMay8,2002,isa Thecontractualarrangement(s)withtheothersubsidiaryofIAMGOLDCorporation. vote holders of the investee;Information on other related party relationships of Rights arising from other contractual arrangements; Staatsolie and its subsidiaries is further provided inSection7. TheGroupsvotingrightsandpotentialvotingrights.SECTION 2. TherelevantactivitiesarethosewhichsignificantlyBASIS OF PREPARATION AND OTHERaffectthesubsidiarysreturns.TheabilitytoSIGNIFICANT ACCOUNTING POLICIES approve the operating and capital budget of a subsidiary and the ability to appoint key management personnel are decisions that 2.1 BASIS OF PREPARATIONdemonstrate that the Group has the existing rights to direct the relevant activities of a subsidiary.TheconsolidatedfinancialstatementsofStaatsolieas a group have been prepared in accordanceTheGroupreassesseswhetheritcontrolsanwith International Financial Reporting Standardsinvestee if facts and circumstances indicate that (IFRS) as issued by the International Accountingthere are changes to one or more of the three Standards Board (IASB). elements of control. Consolidation of a subsidiary Theconsolidatedfinancialstatementshavebeen begins when the Group obtains control over the preparedonahistoricalcostbasis,exceptfor subsidiary and ceases when the Group loses investmentpropertiesandfinancialinstruments controlofthesubsidiary.Assets,liabilities,incomethathavebeenmeasuredatfairvalue.The andexpensesofasubsidiaryacquiredordisposedconsolidated statements are presented in USof during the year are included in the consolidated dollars,andallvaluesareroundedtothenearest financialstatementsfromthedatetheGroupgainsthousand(US$1,000),exceptwhenotherwise control until the date the Group ceases to control indicated. thesubsidiary.WheretheGroupsinterestislessthan100percent,theinterestattributabletooutsideshareholdersisreflectedinnon-controllinginterest (NCI).2.2 BASIS OF CONSOLIDATION ProfitorlossandeachcomponentofotherTheconsolidatedfinancialstatementscomprisethe comprehensive income (OCI) are attributed to the financialstatementsofStaatsolieanditscontrolled equityholdersoftheparentoftheGroupandtosubsidiariesasatDecember31,2020and2019. theNCI,evenifthisresultsintheNCIhavingadeficitbalance.Whennecessary,adjustmentsareControlisachievedwhentheGroupisexposed,or madetothefinancialstatementsofsubsidiarieshasrights,tovariablereturnsfromitsinvolvement to bring their accounting policies into line with the with the investee and has the ability to affectGroupsaccountingpolicies.those returns through its power over the investee.Allintragroupassetsandliabilities,equity,income,Specifically,theGroupcontrolsaninvesteeif,and expensesandcashflowsrelatingtotransactionsonlyif,theGrouphasallofthefollowing: between members of the Group are eliminated in 1.P owerovertheinvestee(i.e.existingrightsthat full on consolidation.give it the current ability to direct the relevantAchangeintheownershipinterestofasubsidiary,activities of the investee); withoutalossofcontrol,isaccountedforasanequitytransaction.2.Exposure or rights to variable returns from itsIftheGrouplosescontroloverasubsidiary,involvement with the investee; itderecognizestherelatedassets(including3.Theabilitytouseitspowerovertheinvesteeto goodwill),liabilities,non-controllinginterestandaffect its returns. othercomponentsofequitywhileanyresultantgainorlossisrecognizedinprofitorloss.Anyinvestmentretainedisrecognizedatfairvalue.55'