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ÇÖPLER INCIDENT | 12 Months Ended
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Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract] |
ÇÖPLER INCIDENT | ÇÖPLER INCIDENT On February 13, 2024, the Company suspended all operations at Çöpler as a result of the Çöpler Incident. The Company, in partnership with the Turkish authorities, has worked to remediate the site. The Company is not, at this time, able to estimate or predict when and under what conditions it will resume operations at Çöpler. During the suspension, Care and maintenance was recorded in the Statements of Operations which represents direct costs not associated with the environmental reclamation and remediation of $61.6 million and depreciation of $47.1 million for the year ended December 31, 2024. Reclamation and remediation liabilities As of March 31, 2024, the Company estimated a preliminary cost range of $250.0 to $300.0 million for future reclamation and remediation costs related to the Çöpler Incident, in addition to the approximately $22.5 million incurred during the first quarter of 2024. The Company accrued the low end of the estimated cost range, therefore, the Company accrued total reclamation and remediation costs of $272.9 million inclusive of the $22.5 million incurred during the first quarter of 2024. During the year ended December 31, 2024, the Company paid $127.6 million of reclamation and remediation costs related to the Çöpler Incident, resulting in a reclamation and remediation liability of $145.3 million as of December 31, 2024. As of December 31, 2024, there have been no changes to the estimated cost range for reclamation and remediation costs related to the Çöpler Incident. Refer to Note 7 for changes in the Company’s Reclamation and remediation liabilities during the years ended December 31, 2024 and 2023. The changes in the Reclamation and remediation liabilities related to the Çöpler Incident during the year ended December 31, 2024 were as follows (in thousands):
|  | 2024
|  |  | Reclamation |  |  | Remediation |  |  | Total
Balance as of January 1 |  | $ | — |  |  | $ | — |  |  | $ | — |
Initial estimate of reclamation and remediation costs |  |  | 11,229 |  |  |  | 261,674 |  |  |  | 272,903 |
Expenditures |  |  | (1,885) |  |  |  | (125,760) |  |  |  | (127,645) |
Balance as of December 31 |  |  | 9,344 |  |  |  | 135,914 |  |  |  | 145,258 |
Less: current portion |  |  | 6,278 |  |  |  | 26,834 |  |  |  | 33,112 |
Non-current reclamation and remediation liabilities |  | $ | 3,066 |  |  | $ | 109,080 |  |  | $ | 112,146 |
Reclamation During 2024, the Company recorded an $11.2 million revision to the reclamation liability to reflect changes in the timing and extent of the closure of the heap leach pad as a result of the Çöpler Incident. The revision was recorded in Reclamation and remediation costs in the Consolidated Statements of Operations. The Company continues to work closely with the Turkish government officials on the final heap leach pad closure plan. This may result in changes to the current heap leach pad closure plan and thus the total reclamation costs may vary from the current estimate. Remediation Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. During 2024, the Company accrued a remediation liability of $261.7 million as a result of the Çöpler Incident included in Reclamation and remediation costs in the Consolidated Statements of Operations. The remediation activities include movement of the displaced heap leach material out of the Sabırlı Valley and Manganese pit, sloping and stabilization of the heap leach pad in preparation for permanent closure, construction of a permanent storage facility for the displaced heap leach material, and management of surface and ground water in the Sabırlı Valley. As of December 31, 2024, all of the displaced heap leach material from the Sabırlı Valley has been moved to temporary storage locations. The Company had remediation expenditures of $125.8 million during the year ended December 31, 2024, reducing the remediation liability to $135.9 million as of December 31, 2024. The Company reevaluated the remediation liability as of December 31, 2024 to determine if any adjustments were necessary based on the best available information. In doing so, the Company evaluated the primary cost drivers including construction costs of a permanent storage facility for the displaced material, the volume of material to be moved, and contractor pricing to perform the work. The Company continues to work closely with Turkish government officials on the final remediation plan, including the approval and construction of permanent storage facility. This may result in changes to the current remediation plan and thus the total remediation costs may vary from the current estimate. Impairment charges 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. Accordingly, during the first quarter of 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. Contingencies and other legal matters During 2024, the Company recorded $7.5 million of contingencies related to the Çöpler Incident in Other operating expense (income), net in the Consolidated Statements of Operations and Accrued liabilities and other in the Consolidated Balance Sheets. Changes in contingencies related to the Çöpler Incident during the year ended December 31, 2024 were as follows (in thousands):
| 2024
Balance as of January 1 | $ | — |
Initial estimate of contingencies |  | 15,310 |
Payments |  | (6,460) |
Change in estimate |  | (7,850) |
Balance as of December 31 | $ | 1,000 |

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