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INVENTORIES | 12 Months Ended
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Dec. 31, 2022
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES The Company’s inventories consisted of the following:
| December 31,
(in thousands) | 2022 |  | 2021
Materials and supplies(1) | $ | 28,590 |  |  | $ | 10,711 |
In-process | 27,212 |  |  | 25,574 |
Finished goods | 1,752 |  |  | 2,407 |
Total current inventories | 57,554 |  |  | 38,692 |
Add: Non-current portion(2) | 5,744 |  |  | — |
Total inventories | $ | 63,298 |  |  | $ | 38,692 |
(1)Includes materials acquired during the third quarter of 2022 to support activities pertaining to the Company’s rare earth metal, alloy and magnet manufacturing facility as a part of Stage III. (2)Represents stockpiled ore that is not expected to be processed within the next 12 months. During the second quarter of 2021, the Company recognized a non-cash write-down of a portion of its legacy low-grade stockpile inventory of $1.8 million, after determining that it contained a significant amount of alluvial material that did not meet the Company’s requirement for mill feed and, as a result, was deemed unusable. The write-down is included in the Consolidated Statement of Operations for the year ended December 31, 2021, as “Write-down of inventories.” No write-down of inventories was recorded for the years ended December 31, 2022 or 2020.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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