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Note 5 - Environmental and Reclamation Activities | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Environmental and Reclamation Activities [Text Block] | Note 5: Environmental and Reclamation Activities The liabilities accrued for our reclamation and closure costs at December 31, 2021 and 2020 were as follows (in thousands):
|  | 2021 |  |  | 2020 |
Operating properties: |  |  |  |  |  |  |  |
Greens Creek |  | $ | 37,474 |  |  | $ | 42,716 |
Lucky Friday |  |  | 13,543 |  |  |  | 12,818 |
Casa Berardi |  |  | 12,497 |  |  |  | 11,730 |
Nevada Operations |  |  | 27,068 |  |  |  | 26,062 |
Non-operating properties: |  |  |  |  |  |  |  |
San Sebastian |  |  | 4,451 |  |  |  | 6,882 |
Troy mine |  |  | 4,813 |  |  |  | 5,340 |
Johnny M |  |  | 8,947 |  |  |  | 6,065 |
Republic |  |  | 1,500 |  |  |  | 1,500 |
All other sites |  |  | 2,938 |  |  |  | 2,935 |
Total |  |  | 113,231 |  |  |  | 116,048 |
Reclamation and closure costs, current |  |  | (9,259 | ) |  |  | (5,582 | )
Reclamation and closure costs, long-term |  | $ | 103,972 |  |  | $ | 110,466 |
The activity in our accrued reclamation and closure cost liability for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands):
Balance at January 1, 2019 |  | $ | 108,389 |
Accruals for estimated costs |  |  | 472 |
Accretion expense |  |  | 7,122 |
Revision of estimated cash flows due to changes in reclamation plans |  |  | (4,522 | )
Payment of reclamation obligations |  |  | (3,087 | )
Balance at December 31, 2019 |  |  | 108,374 |
Accretion expense |  |  | 5,912 |
Revision of estimated cash flows due to changes in reclamation plans |  |  | 2,543 |
Payment of reclamation obligations |  |  | (781 | )
Balance at December 31, 2020 |  |  | 116,048 |
Accruals for estimated costs |  |  | 4,952 |
Accretion expense |  |  | 6,454 |
Revision of estimated cash flows due to changes in reclamation plans |  |  | (8,781 | )
Payment of reclamation obligations |  |  | (5,442 | )
Balance at December 31, 2021 |  | $ | 113,231 |
Asset Retirement Obligations Below is a reconciliation as of December 31, 2021 and 2020 (in thousands) of the asset retirement obligations (“ARO”) relating to our operating properties, which are included in our total accrued reclamation and closure costs of $113.2 million and $116.0 million, respectively, discussed above. The estimated reclamation and closure costs were discounted using credit adjusted, risk-free interest rates ranging from 5.75% to 14.5% from the time we incurred the obligation to the time we expect to pay the retirement obligation.
|  | 2021 |  |  | 2020 |
Balance January 1 |  | $ | 100,208 |  |  | $ | 91,831 |
Changes in obligations due to changes in reclamation plans |  |  | (8,781 | ) |  |  | 2,543 |
Accretion expense |  |  | 6,451 |  |  |  | 5,912 |
Payment of reclamation obligations |  |  | (2,845 | ) |  |  | (78 | )
Balance at December 31 |  | $ | 95,033 |  |  | $ | 100,208 |
In 2021, we revised the AROs at Greens Creek, Lucky Friday and Casa Berardi to reflect updates to the estimated timing for reclamation and closure of the mines, resulting in a decreases in the ARO asset and liability of $8.6 million and $0.1 million for Greens Creek and Casa Berardi, respectively, and an increase in the ARO for Lucky Friday of $0.3 million. In 2021, we updated the ARO at Nevada Operations to reflect a revised plan for reclamation and closure of the mines having total estimated undiscounted costs of approximately $35.2 million, an increase from the $34.2 million in the previous plan. However, as a result of discounting, the change resulted in a decrease in the ARO asset and liability of $0.3 million. The AROs related to the changes described above were discounted using a credit adjusted, risk-free interest rate of between 2.75% and 7.5% and inflation rates ranging from 2% to 4%.

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