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RECLAMATION PROVISION | 12 Months Ended
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Dec. 31, 2022
Reclamation |
RECLAMATION PROVISION |
RECLAMATION PROVISION | 12.RECLAMATION PROVISION Agnico Eagle’s reclamation provision includes both asset retirement obligations and environmental remediation liabilities. Reclamation provision estimates are based on current legislation, third party estimates, management’s estimates and feasibility study calculations. Assumptions based on current economic conditions, which the Company believes are reasonable, have been used to estimate the reclamation provision. However, actual reclamation costs will ultimately depend on future economic conditions and costs for the necessary reclamation work. Changes in reclamation provision estimates during the period reflect changes in cash flow estimates as well as assumptions including discount and inflation rates. The discount rates used in the calculation of the reclamation provision at December 31, 2022 ranged between 3.16% and 4.34% (2021 – between – 0.36% and 1.56%). The following table reconciles the beginning and ending carrying amounts of the Company’s asset retirement obligations. The settlement of the obligation is estimated to occur through to 2142 ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As at |  | As at
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021
Asset retirement obligations - non-current, beginning of year | ​ | $ | 706,958 | ​ | $ | 635,648
Asset retirement obligations - current, beginning of year | ​ |  | 4,547 | ​ |  | 11,320
Current year additions and changes in estimate, net(i) | ​ |  | 217,506 | ​ |  | 72,181
Current year accretion | ​ |  | 15,951 | ​ |  | 6,554
Liabilities settled | ​ |  | (16,850) | ​ |  | (3,213)
Foreign exchange revaluation | ​ |  | (40,666) | ​ |  | (10,985)
Reclassification from non-current to current, end of year | ​ |  | (22,127) | ​ |  | (4,547)
Asset retirement obligations - non-current, end of year | ​ | $ | 865,319 | ​ | $ | 706,958
Note:
| (i) | Current year additions include $180.4 million related to the acquisition of Kirkland.
The following table reconciles the beginning and ending carrying amounts of the Company’s environmental remediation liability. The settlement of the obligation is estimated to occur through to 2032. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As at |  | As at
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021
Environmental remediation liability - non-current, beginning of year | ​ | $ | 15,491 | ​ | $ | 16,135
Environmental remediation liability - current, beginning of year | ​ |  | 3,000 | ​ |  | 3,950
Current year additions and changes in estimate, net | ​ |  | — | ​ |  | 1,048
Liabilities settled | ​ |  | (3,058) | ​ |  | (2,816)
Foreign exchange revaluation | ​ |  | (1,043) | ​ |  | 174
Reclassification from non-current to current, end of year | ​ |  | (1,381) | ​ |  | (3,000)
Environmental remediation liability - non-current, end of year | ​ | $ | 13,009 | ​ | $ | 15,491
​

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