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PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, plant and equipment Depreciation on property, plant and equipment is recognized on a straight-line basis over their estimated useful lives, as follows:
Years
Land improvements
25
Buildings and building improvements
10-40
Machinery and equipment
3-20
The Company’s property, plant and equipment consisted of the following:
December 31,
(in thousands)20222021
Land and land improvements$16,102 $7,925 
Buildings and building improvements15,111 8,791 
Machinery and equipment186,388 61,822 
Assets under construction338,482 134,327 
Mineral rights438,395 437,376 
Property, plant and equipment, gross994,478 650,241 
Less: Accumulated depreciation and depletion(58,735)(39,629)
Property, plant and equipment, net$935,743 $610,612 
The Company’s depreciation and depletion expense were as follows:
For the year ended December 31,
(in thousands)202220212020
Depreciation expense$5,808 $6,825 $4,702 
Depletion expense(1)
$12,209 $17,200 $1,961 
(1)At the beginning of the fourth quarter of 2021, as a result of an updated life of mine, the Company revised its estimate of the remaining useful life of the mineral rights to approximately 35 years from approximately 23 years. The effect of the change in estimate was a reduction in depletion expense for the years ended December 31, 2022 and 2021 of $6.1 million and $1.5 million, respectively.