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SEGMENTED INFORMATION | 12 Months Ended
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Dec. 31, 2019
Segmented Information |
SEGMENTED INFORMATION | Business Segments The Company operates in three primary segments – the Mining segment, the Environmental Services segment and the Corporate and Other segment. The Mining segment includes activities related to exploration, evaluation and development, mining, milling (including toll milling) and the sale of mineral concentrates. The Environmental Services segment includes the results of the Company’s environmental services business, the Closed Mines Group. The Corporate and Other segment includes management fee income earned from UPC and general corporate expenses not allocated to the other segments. Management fee income has been included with general corporate expenses due to the shared infrastructure between the two activities. For the year ended December 31, 2019, reportable segment results were as follows:
(in thousands) |  |  | Mining | Closed Mines Group | Corporate and Other | Total
Statement of Operations: |  |  |  |  |  |
Revenues |  |  | 4,609 | 8,974 | 1,966 | 15,549
Expenses: |  |  |  |  |  |
Operating expenses |  |  | (6,090) | (8,346) | - | (14,436)
Exploration and evaluation |  |  | (15,238) | - | - | (15,238)
General and administrative |  |  | (17) | - | (7,794) | (7,811)
|  |  | (21,345) | (8,346) | (7,794) | (37,485)
Segment income (loss) |  |  | (16,736) | 628 | (5,828) | (21,936)
Revenues – supplemental: |  |  |  |  |  |
Environmental services |  |  | - | 8,974 | - | 8,974
Management fees |  |  | - | - | 1,966 | 1,966
Toll milling services–deferred revenue (note 13) |  | 4,609 | - | - | 4,609
|  |  | 4,609 | 8,974 | 1,966 | 15,549
Capital additions: |  |  |  |  |  |
Property, plant and equipment |  |  | 637 | 273 | 38 | 948
Long-lived assets: |  |  |  |  |  |
Plant and equipment |  |  |  |  |  |
Cost |  |  | 99,994 | 4,591 | 908 | 105,493
Accumulated depreciation |  |  | (24,349) | (3,062) | (304) | (27,715)
Mineral properties |  |  | 179,481 | - | - | 179,481
|  |  | 255,126 | 1,529 | 604 | 257,259
For the year ended December 31, 2018, reportable segment results were as follows:
(in thousands) |  |  | Mining | Closed Mines Group | Corporate and Other | Total
Statement of Operations: |  |  |  |  |  |
Revenues |  |  | 4,239 | 9,298 | 2,013 | 15,550
Expenses: |  |  |  |  |  |
Operating expenses |  |  | (7,159) | (8,211) | (209) | (15,579)
Exploration and evaluation |  |  | (15,457) | - | - | (15,457)
General and administrative |  |  | (17) | - | (7,172) | (7,189)
Impairment expense |  | (6,086) | - | - | (6,086)
|  |  | (28,719) | (8,211) | (7,381) | (44,311)
Segment income (loss) |  |  | (24,480) | 1,087 | (5,368) | (28,761)
Revenues – supplemental: |  |  |  |  |  |
Environmental services |  |  | - | 9,298 | - | 9,298
Management fees |  |  | - | - | 2,013 | 2,013
Toll milling services–deferred revenue (note 13) |  | 4,239 | - | - | 4,239
|  |  | 4,239 | 9,298 | 2,013 | 15,550
Capital additions: |  |  |  |  |  |
Property, plant and equipment |  |  | 19,001 | 95 | - | 19,096
Long-lived assets: |  |  |  |  |  |
Plant and equipment |  |  |  |  |  |
Cost |  |  | 98,737 | 4,399 | 294 | 103,430
Accumulated depreciation |  |  | (20,982) | (2,927) | (177) | (24,086)
Mineral properties |  |  | 178,947 | - | - | 178,947
|  |  | 256,702 | 1,472 | 117 | 258,291
Revenue Concentration The Company’s business is such that, at any given time, it sells its environmental and other services to a relatively small number of customers. During 2019, one customer from the corporate and other segment, three customers from the Closed Mines Group segment and one customer from the mining segment accounted for approximately 99% of total revenues consisting of 13%, 56% and 30% respectively. During 2018, one customer from the corporate and other segment, three customers from the Closed Mines Group segment and one customer from the mining segment accounted for approximately 97% of total revenues consisting of 13%, 57% and 27% respectively. Revenue Commitments Denison’s revenue portfolio consists of short and long-term sales commitments. The following table summarizes the expected future revenue, by segment, based on the customer contract commitments and information that exists as at December 31, 2019:
(in thousands) | 2020 | 2021 | 2022 | 2023 | 2024 | There- after | Total
Revenues – by Segment: |  |  |  |  |  |  |
Mining |  |  |  |  |  |  |
Toll milling services – APG Arrangement | 4,580 | 4,580 | 4,580 | 4,580 | 4,580 | 42,299 | 65,199
Closed Mines Group |  |  |  |  |  |  |
Environmental services | 7,933 | 4,819 | - | - | - | - | 12,752
Corporate and Other |  |  |  |  |  |  |
Management fees | 2,009 | 2,009 | 2,009 | 2,009 | 502 | - | 8,538
Total Revenue Commitments | 14,522 | 11,408 | 6,589 | 6,589 | 5,082 | 42,299 | 86,489
With the exception of the toll milling services related to the APG Arrangement, the amounts in the table above represent the estimated consideration that Denison will be entitled to receive when it satisfies the remaining performance obligations in its customer contracts. Various assumptions, consistent with past experience, have been made where the quantity of the performance obligation may vary. The APG Arrangement toll milling revenue commitment represents the estimated non-cash amount of the revenue component of the Company’s deferred revenue balance at December 31, 2019 (see note 13). The difference between the total revenue commitment amount above and the liability on the balance sheet represents the cumulative remaining impact of discounting to the end of the APG Arrangement contract.

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