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INTANGIBLE ASSETS:

12 Months Ended

Dec. 31, 2020

NOTE 6—INTANGIBLE ASSETS:


	At December 31,
(in millions)	2020		2019
Mining concessions	$	121.2	$	121.2
Mine engineering and development studies		19.8		19.8
Software		60.6		55.9
		201.6		196.9
Accumulated amortization:
Mining concessions		(38.6)		(38.0)
Mine engineering and development studies		(17.2)		(16.3)
Software		(44.7)		(36.1)
		(100.5)		(90.4)
Goodwill		41.9		41.9
Intangible assets, net	$	143.0	$	148.4

Amortization of intangibles for the years ended December 31, 2020, 2019 and 2018, amounted to $9.2 million, $4.5 million and $5.4 million, respectively. Estimated amortization is as follows:


Estimated amortization expense (in millions):
2021	$	7.7
2022		5.2
2023		5.2
2024		4.3
2025		3.0
Total 2021 - 2025	$	25.4
Average annual	$	5.1

Goodwill includes $17.0 million generated in 1997 as a result of purchasing a third party interest in the Buenavista mine. It also includes $24.9 million representing the amount of the purchase price in excess of the fair value of the net assets acquired from El Pilar mine. This goodwill is attributable to future benefits that the Company expects to realize from the mine and will not be deductible for income tax purposes.