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ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2019

ASSET RETIREMENT OBLIGATIONS

NOTE 11 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 Gold Bar and Tonkin properties in Nevada, the El Gallo Project in Mexico, and the Timmins properties in Canada.

A reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2019 and for the year ended December 31, 2018 are as follows:

​

​	​	​	​	​	​	​
​		June 30, 2019			December 31, 2018
Asset retirement obligation liability, beginning balance	​	$	29,402	​	$	24,722
Settlements	​		(127)	​		(392)
Accretion of liability	​		800	​		1,205
Adjustment reflecting updated estimates	​		4,304	​		5,024
Foreign exchange revaluation	​	​	610	​	​	(1,157)
Asset retirement obligation liability, ending balance	​	$	34,989	​	$	29,402
Current portion	​	​	(1,218)	​	​	(734)
Long-term portion	​	$	33,771	​	$	28,668

​

The change in estimate for the six months ended June 30, 2019 includes a $4.2 million additional estimated liability for the Gold Bar mine, which relates to disturbances during the period (December 31, 2018 – an additional $3.6 million related to disturbances that had taken place during the construction period).

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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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