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IMPAIRMENT CHARGES | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
IMPAIRMENT CHARGES | IMPAIRMENT CHARGES The following table includes the components of Impairment charges:
| Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
| Long-lived and other assets |  | Goodwill |  |  |  | Long-lived and other assets |  | Goodwill |  |  |  | Long-lived and other assets |  | Goodwill |  |
Çöpler (1) | $ | 114,230 |  |  | $ | — |  |  |  |  |  | $ | 353,322 |  |  | $ | — |  |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
Seabee (2) |  | 369 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | 49,786 |  |  |  |  |  |  | — |  |  |  | — |  |  |  |
Puna (3) |  | — |  |  |  | — |  |  |  |  |  |  | 2,637 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  |
Corporate and Other (4) |  | — |  |  |  | — |  |  |  |  |  |  | 5,653 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  |
| $ | 114,599 |  |  | $ | — |  |  |  |  |  | $ | 361,612 |  |  | $ | 49,786 |  |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
(1)For the year ended December 31, 2024, following the Çöpler Incident, the Company recorded non-cash impairment charges of $76.0 million related to Inventories and $38.2 million related to Mineral properties, plant and equipment, net (see Note 3 for further information). For the year ended December 31, 2023, consist of $349.2 million impairment charges related to Mineral properties, plant and equipment, net (see below for further information) and $4.1 million of non-cash write-offs of capitalized cloud computing arrangement implementation costs included in Other non-current assets. (2)For the year ended December 31, 2024, the Company concluded that certain plant and equipment at Seabee was impaired and recorded a non-cash impairment of $0.4 million related to Mineral properties, plant and equipment, net a result of damage to remote equipment in the forest fires near Seabee. (3)Consists of non-cash write-downs of various assets and materials and supplies inventories recorded during the third quarter of 2023. (4)For the year ended December 31, 2023, consists of $5.7 million non-cash write-offs of capitalized cloud computing arrangement implementation costs included in O ther non-current assets. For the year ended December 31, 2022, consists of impairment charges related to the Royalty Portfolio sale, based on the differences between the carrying amount of the assets within the Royalty Portfolio, and the estimated net transaction price. Impairment of long-lived and other assets The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. For the year ended December 31, 2024, the Company recorded non-cash impairment charges of $76.0 million related to Inventories and $38.2 million related to Mineral properties, plant and equipment, net, for a total non-cash impairment charge of $114.2 million. As a result of the Çöpler Incident, the Company plans to permanently close the heap leach pad; therefore, the Company fully impaired the heap leach pad inventory and related heap leach pad processing facilities. For the year ended December 31, 2023, the Company recorded a non-cash impairment charge at Çöpler of $349.2 million. During the fourth quarter of 2023, the Company updated its technical report, based on additional drilling and revised geological interpretation, which resulted in a decrease in the mineral reserves and mineral resources at the Çöpler pit and an increase in mineral reserves and mineral resources at the Greater Çakmaktepe extension. The decrease in mineral reserves and mineral resources at the Çöpler pit was primarily due to the Company's plans to construct a grind-leach circuit rather than a copper concentrator as had been previously contemplated in the Çöpler Copper-Gold (“C2”) project. As a result, the Company determined that certain mineral properties and exploration and evaluation assets related primarily to the Çöpler pit were impaired. This impairment charge was not related to the Çöpler Incident. Impairment of goodwill The Company evaluates its goodwill for impairment annually at December 31 or when events or changes in circumstances indicate that the fair value of a reporting unit is less than its carrying value. During the fourth quarter of 2023, the Company performed a quantitative goodwill test for the Seabee reporting unit. Based on this test, the Company concluded that Goodwill was impaired and recorded a non-cash impairment of $49.8 million, which represented the full goodwill balance of the reporting unit. The impairment was driven by a deterioration in underlying cash flows as a result of a decrease in mineral reserves and mineral resources. The decrease in mineral reserves and mineral resources was due to updates to the block model, updates to the cut-off grade calculation, and the use of an incremental cut-off grade for development. The Seabee long-lived asset group, which is the same as the reporting unit, was evaluated for impairment prior to the quantitative goodwill test and no impairment was identified. The Company measured the impairments by comparing the total fair value of the Seabee reporting unit to its carrying amount. The estimated fair value of the Seabee reporting unit was determined using an income and market approach and is considered a Level 3 fair value measurement due to certain assumptions that are not based on observable market data. The significant assumptions to the fair value measured included: (i) post-tax cash flow information, which includes operating and capital expenditures, based on the Company's current business plan, (ii) a short-term gold price of $1,945 which decreases over five years to a long-term gold price of $1,740, (iii) current estimates of mineral reserves and mineral resources, (iv) in-situ multiples, and (v) a post-tax discount rate range of 5.0% to 6.0%.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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