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ASSET RETIREMENT OBLIGATIONS | 12 Months Ended
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Dec. 31, 2018
ASSET RETIREMENT OBLIGATIONS |
ASSET RETIREMENT OBLIGATIONS | NOTE 8 ASSET RETIREMENT OBLIGATIONS The Company is responsible for reclamation of certain past and future disturbances at its properties. The most significant properties subject to these obligations are the Tonkin and Gold Bar properties in Nevada, the El Gallo Project in Mexico, and the Timmins properties in Canada. The Company assumed a reclamation obligation of $11.2 million related to the Black Fox Complex as a part of the acquisition of the Black Fox Complex in 2017 (see Note 19 Acquisitions for additional details). The amount of the reclamation obligation is based on the 2017 Closure Cost Update approved by the Ministry of Northern Development and Mines (“MNDM”) which is based on the 2010 Closure Plan Amendment also approved by the MNDM. The Company filed an amended Closure Plan with the MNDM in 2018, approval of which is anticipated in 2019. Under the amended closure plan, obligations are not expected to increase. The Company adjusted its estimated liability in relation to the disturbances at the Gold Bar project in 2018 to $3.7 million. This reflects the disturbances that have taken place during the construction period. As operations commence, the liability will continue to increase reflecting new disturbances. Under current Mexican regulations, financial assurance for projected reclamation costs is not required. The Company’s reclamation expenses consisted of the following:
|  | Year ended December 31,
|  | 2018 |  | 2017 |  | 2016
Reclamation Adjustment reflecting updated estimates |  | $ | 2,259 |  | $ | 1,426 |  | $ | 89
Reclamation Accretion |  |  | 1,205 |  |  | 635 |  |  | 506
Total |  | $ | 3,464 |  | $ | 2061 |  | $ | 595
The Company’s asset retirement obligations for years ended December 31, 2018 and 2017 are as follows:
|  | 2018 |  | 2017
Asset retirement obligation liability, beginning of the period |  | $ | 24,722 |  | $ | 9,843
Settlements |  |  | (392) |  |  | (126)
Accretion of liability |  |  | 1,205 |  |  | 635
Acquisitions and divestitures |  |  | — |  |  | 11,803
Adjustment reflecting updated estimates |  |  | 5,024 |  |  | 2,561
Foreign exchange revaluation |  |  | (1,157) |  |  | 6
Asset retirement obligation liability, ending balance |  | $ | 29,402 |  | $ | 24,722
Current portion |  |  | (734) |  |  | (646)
Non-current portion |  | $ | 28,668 |  | $ | 24,076

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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- References No definition available. + Details
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