XML 64 R32.htm IDEA: XBRL DOCUMENT
v3.24.0.1

SUBSEQUENT EVENTS | 12 Months Ended
--- | ---
Dec. 31, 2023
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Çöpler Incident On February 13, 2024, the Company suspended operations at Çöpler as a result of a significant slip on the heap leach pad. The Company is not, at this time, able to estimate or predict when and under what conditions it will resume operations at Çöpler. The Çöpler Incident is a non-adjusting subsequent event and did not impact the Consolidated Financial Statements as of and for the twelve months ended December 31, 2023. The Company continues to evaluate and assess the potential impacts on the business, including but not limited to the extent of the remediation that will be required, the potential legal and regulatory obligations that may arise, the extent of third-party liability, the availability and extent of property and liability insurance, the impact of other contractual obligations, and the extent of impairment on the carrying value of long-lived and other assets. Remediation liabilities The heap leach processing used at Çöpler incorporates a number of chemical properties, including sodium cyanide and other reagents. The Turkish government is conducting environmental monitoring of surface water, groundwater, soil and air quality in the region with respect to potential contamination. Public comments from the Turkish government indicate that to date, the testing results have been negative with respect to potential contamination in the locations being monitored. These results are preliminary and additional testing will be conducted in the surrounding area. Containment and remediation efforts are ongoing, which are being directed by the Turkish government and supported by the Company, with an initial focus on removing heap leach material, approximately one-third of the material stacked on the Çöpler oxide heap leach pad, and relocating it to a permanent storage location. The Company is in the process of evaluating the estimated remediation costs and anticipates recording a material remediation liability during the first quarter of 2024. Legal and regulatory obligations Although the Company is not aware of any lawsuits or claims filed against the Company or its joint venture partners or other parties related to the Çöpler Incident, there is potential the Çöpler Incident could result in claims for damages, including, claims for loss of life and property or environmental damage, administrative fines, penalties or securities losses. Regulatory officials of Türkiye have begun an investigation of the causes of the Çöpler Incident. In connection with the investigation, the regulatory authorities have charged six employees with criminal charges directly related to actions on the day of the Çöpler Incident. The Company is providing its full cooperation to the legal and regulatory officials in connection with the investigation. The Company will recognize any related obligations in accordance with ASC 450 - Contingencies. Debt covenants and other contractual obligations At this time, there are no borrowings outstanding on the Second Amended Credit Agreement and the Company is in compliance with its covenants under the Second Amended Credit Agreement. The Company does not have any financial covenants in relation to the 2019 Notes, however it does contain a cross default provision with the Second Amended Credit Agreement. Impairment of long-lived and other assets The Company anticipates recording an impairment of leach pad inventory and specific mineral properties, plant and equipment (“MPP&E”) related to the leach pad directly impacted by the Çöpler Incident and will evaluate the Çöpler long-lived asset group, which totaled $2,689.9 million as of December 31, 2023, for impairment during the first quarter of 2024. As of December 31, 2023, the Çöpler leach pad inventory of $73.3 million represents 19% of Çöpler's total inventory and 10% of the Company's total inventory. As of December 31, 2023, the Çöpler MPP&E related to the leach pad of $32.1 million represents 1.0% of Çöpler's total MPP&E and 0.8% of the Company's total MPP&E. Dividends and repurchase of common shares Following the Çöpler Incident, the Board of the Directors of the Company has suspended its dividend. The Company does not know at this time when it may resume dividends. Additionally, the Company has delivered notice to its designated broker to terminate its automatic share purchase plan effective March 1, 2024 and the Company has ceased all share repurchases. The Company does not know at this time when it may resume share repurchases.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration