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ASSET RETIREMENT OBLIGATIONS

9 Months Ended

Sep. 30, 2021

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS

NOTE 11 ASSET RETIREMENT OBLIGATIONS

The Company is responsible for the 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 Timmins properties in Canada and the El Gallo Project in Mexico.

A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2021 and for the year ended December 31, 2020 are as follows:

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​	​	​	​	​	​	​	​
​		September 30, 2021			December 31, 2020
Asset retirement obligation liability, beginning balance	​	$	34,000	​	$	32,201	​
Settlements	​		(2,138)	​		(267)	​
Accretion of liability	​		1,470	​		1,901	​
Revisions to estimates and discount rate	​		1,256	​		(54)	​
Foreign exchange revaluation	​	​	(8)	​	​	219	​
Asset retirement obligation liability, ending balance	​	$	34,580	​	$	34,000	​
Less current portion	​	​	4,894	​	​	3,232	​
Long-term portion	​	$	29,686	​	$	30,768	​

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The Company’s reclamation expenses for the periods presented consisted of the following:

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Three months ended September 30,

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Nine months ended September 30,

​

2021

2020

​

2021

​

2020

Reclamation adjustment reflecting updated estimates

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$

830

​

$

411

​

$

1,256

​

$

614

Reclamation accretion

​

​

479

​

​

475

​

​

1,470

​

​

1,389

Total

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$

1,309

​

$

886

​

$

2,725

​

​

2,003

​

X

- 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

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X

- References

No definition available.

+ Details

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