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LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
The Company’s operating leases consist primarily of leases for office space, vehicles, and plant and mining equipment. These leases have a range of terms between two years to thirteen years with renewal terms included in the contracts. Some are automatic renewals, and some are at the option of the Company. There are no restrictions placed upon the lessee by entering into these leases.
The Company's principal finance lease relates to its right to use the oxygen plant supplied by Air Liquide Gaz Sanayi ve Ticaret A.S. (the “Air Liquide Plant”) at Çöpler. The Air Liquide Plant is used for the production, transportation and delivery of oxygen and liquid oxygen to support mining operations at Çöpler. Under the terms of the Air Liquide Plant lease, the Company pays variable monthly lease payments that depend on an index. In addition, the Company is subject to variable payments based on consumption and use which have been accounted for as non-lease components and included in Cost of sales. The Air Liquide Plant lease contains a non-cancellable period of 15 years ending in 2033 with options to extend for consecutive 2-year periods. The lease term used in the measurement of the Company's lease liability and right-of-use asset includes four consecutive 2-year extension periods ending in 2038 for which the Company is reasonably certain to exercise its option in line with the Çöpler LOM.
The components of the Company’s leases presented in the Consolidated Balance Sheets were as follows (in thousands):
December 31,
20232022
Finance lease right-of-use assets, net (included in Mineral properties, plant and equipment, net)
$
84,689 
$
101,705 
Operating lease right-of-use assets (included in Other non-current assets)
21,038 17,946 
Total lease right-of-use-assets
$105,727 $119,651 
 
    
Short-term finance lease liabilities (included in Finance lease liabilities)
$
4,555 
$
3,872 
Short-term operating lease liabilities (included in Accrued liabilities and other)
1,545 1,976 
Long-term finance lease liabilities (included in Finance Lease liabilities)
 86,141  102,434 
Long-term operating lease liabilities (included in Other non-current liabilities)
 21,009  16,969 
Total lease liabilities
$113,250 $125,251 
The components of the Company’s leases presented in the Consolidated Statements of Operations for the years ended December 31 were as follows (in thousands):
Year Ended December 31,
202320222021
Operating leases:
Lease expense
$3,648 $4,134 $2,986 
Sublease income
(958)— — 
     
Finance leases:
Amortization of lease cost
 
5,346 
 
5,346 
 
2,517 
Interest expense on lease liabilities
4,645 4,830 274 
Variable and short-term leases 3,812  1,740 10,661 
Total$16,493 $16,050 $16,438 
For finance leases, amortization and interest expense is included in Interest expense. For operating leases, lease expense is included in Cost of sales for entities with production and General and administrative expense for corporate entities.
The components of the Company’s leases presented in the statements of cash flows for the years ended December 31 were as follows (in thousands):
Year Ended December 31,
202320222021
Operating leases within cash flows from operating activities
$
2,690 $4,134 $2,986 
Finance leases within cash flows from financing activities
$
3,870 $10,091 $10,441 

The following is a schedule of weighted-average discount rates used to determine lease liabilities and remaining lease terms for the years ended December 31:
Year Ended December 31,
20232022
Weighted-average remaining lease term - operating leases (in years)9.98.4
Weighted-average remaining lease term - finance leases (in years)17.118.1
Weighted-average discount rate - operating leases6.6 %5.2 %
Weighted-average discount rate - finance leases4.5 %4.5 %
The following is a schedule of future minimum lease payments under noncancellable finance and operating leases as of December 31, 2023 (in thousands):
Operating LeasesFinance Leases
2024
$
2,858 
$
8,532 
20252,808 8,532 
20263,379 8,532 
20273,315 8,532 
20282,899 8,532 
Thereafter16,006 80,611 
Total minimum lease payments
$
31,265 
$
123,271 
Less: amounts representing interest
8,711 32,575 
Present value of net minimum lease payments
22,554 90,696 
Less: current portion of lease liabilities
1,545 4,555 
Long-term lease liabilities  
$
21,009 
$
86,141 
LEASES LEASES
The Company’s operating leases consist primarily of leases for office space, vehicles, and plant and mining equipment. These leases have a range of terms between two years to thirteen years with renewal terms included in the contracts. Some are automatic renewals, and some are at the option of the Company. There are no restrictions placed upon the lessee by entering into these leases.
The Company's principal finance lease relates to its right to use the oxygen plant supplied by Air Liquide Gaz Sanayi ve Ticaret A.S. (the “Air Liquide Plant”) at Çöpler. The Air Liquide Plant is used for the production, transportation and delivery of oxygen and liquid oxygen to support mining operations at Çöpler. Under the terms of the Air Liquide Plant lease, the Company pays variable monthly lease payments that depend on an index. In addition, the Company is subject to variable payments based on consumption and use which have been accounted for as non-lease components and included in Cost of sales. The Air Liquide Plant lease contains a non-cancellable period of 15 years ending in 2033 with options to extend for consecutive 2-year periods. The lease term used in the measurement of the Company's lease liability and right-of-use asset includes four consecutive 2-year extension periods ending in 2038 for which the Company is reasonably certain to exercise its option in line with the Çöpler LOM.
The components of the Company’s leases presented in the Consolidated Balance Sheets were as follows (in thousands):
December 31,
20232022
Finance lease right-of-use assets, net (included in Mineral properties, plant and equipment, net)
$
84,689 
$
101,705 
Operating lease right-of-use assets (included in Other non-current assets)
21,038 17,946 
Total lease right-of-use-assets
$105,727 $119,651 
 
    
Short-term finance lease liabilities (included in Finance lease liabilities)
$
4,555 
$
3,872 
Short-term operating lease liabilities (included in Accrued liabilities and other)
1,545 1,976 
Long-term finance lease liabilities (included in Finance Lease liabilities)
 86,141  102,434 
Long-term operating lease liabilities (included in Other non-current liabilities)
 21,009  16,969 
Total lease liabilities
$113,250 $125,251 
The components of the Company’s leases presented in the Consolidated Statements of Operations for the years ended December 31 were as follows (in thousands):
Year Ended December 31,
202320222021
Operating leases:
Lease expense
$3,648 $4,134 $2,986 
Sublease income
(958)— — 
     
Finance leases:
Amortization of lease cost
 
5,346 
 
5,346 
 
2,517 
Interest expense on lease liabilities
4,645 4,830 274 
Variable and short-term leases 3,812  1,740 10,661 
Total$16,493 $16,050 $16,438 
For finance leases, amortization and interest expense is included in Interest expense. For operating leases, lease expense is included in Cost of sales for entities with production and General and administrative expense for corporate entities.
The components of the Company’s leases presented in the statements of cash flows for the years ended December 31 were as follows (in thousands):
Year Ended December 31,
202320222021
Operating leases within cash flows from operating activities
$
2,690 $4,134 $2,986 
Finance leases within cash flows from financing activities
$
3,870 $10,091 $10,441 

The following is a schedule of weighted-average discount rates used to determine lease liabilities and remaining lease terms for the years ended December 31:
Year Ended December 31,
20232022
Weighted-average remaining lease term - operating leases (in years)9.98.4
Weighted-average remaining lease term - finance leases (in years)17.118.1
Weighted-average discount rate - operating leases6.6 %5.2 %
Weighted-average discount rate - finance leases4.5 %4.5 %
The following is a schedule of future minimum lease payments under noncancellable finance and operating leases as of December 31, 2023 (in thousands):
Operating LeasesFinance Leases
2024
$
2,858 
$
8,532 
20252,808 8,532 
20263,379 8,532 
20273,315 8,532 
20282,899 8,532 
Thereafter16,006 80,611 
Total minimum lease payments
$
31,265 
$
123,271 
Less: amounts representing interest
8,711 32,575 
Present value of net minimum lease payments
22,554 90,696 
Less: current portion of lease liabilities
1,545 4,555 
Long-term lease liabilities  
$
21,009 
$
86,141