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RECLAMATION AND CLOSURE COST PROVISION | 12 Months Ended
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Dec. 31, 2020
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] |
RECLAMATION AND CLOSURE COST PROVISION | RECLAMATION AND CLOSURE COST PROVISION Changes to the reclamation and closure cost provision during the years ended December 31 were as follows:
| 2020 | 2019
Balance, beginning of year | $ | 84,235 |  | $ | 62,172 |
Provision assumed on acquisition of Alacer (1) (2) | 26,159 |  | 12,990 |
Reclamation expenditures | (2,447) |  | (3,568) |
Accretion expense (note 23(b)) | 3,887 |  | 3,743 |
Foreign exchange loss | 110 |  | 308 |
Revisions in estimates and obligations | (3,360) |  | 4,168 |
Impact of changes in discount rate | 10,990 |  | 4,490 |
Obligations related to divested mining properties | — |  | (68) |
Balance, end of year | 119,574 |  | 84,235 |
Less: current portion | (1,924) |  | (8,766) |
Non-current reclamation and closure cost provision | $ | 117,650 |  | $ | 75,469 |
(1)On September 16, 2020, the Company acquired Alacer, including Çöpler (notes 1(a) and 4(a)). The consideration included the assumption of non-current environmental and reclamation obligations valued at $26.2 million. (2)On June 27, 2019, the Company acquired 8,900 hectares of land contiguous to Marigold in Nevada, U.S., net of a 0.5% net smelter returns royalty. The consideration included $22.0 million in cash and the assumption of related non-current environmental and reclamation obligations then valued at approximately $13.0 million. The reclamation and closure cost provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions: ▪Discount rates used in discounting the estimated reclamation and closure cost provision range between 0.7% and 12.1% for the year ended December 31, 2020 (2019 - 1.8% and 9.9%). ▪The majority of the expenditures are expected to occur between 2027 and 2045. ▪A 1% change in the discount rate would increase or decrease the provision on a consolidated basis by approximately $18.1 million (2019 - $11.1 million), while holding other assumptions consistent.

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