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Note 29 - Provisions
 12 Months Ended
Dec. 31, 2021
Statement Line Items [Line Items]  
Disclosure of provisions [text block]
29Provisions

         

Site restoration

 

Site restoration relates to the estimated cost of closing down the mines and represents the site and environmental restoration costs, estimated to be paid throughout the period up until closure due to areas of environmental disturbance present at the reporting date as a result of mining activities. Regarding Blanket Mine the costs of site restoration are discounted based on the estimated life of mine. Site restoration costs at Blanket Mine are capitalised to mineral properties on initial recognition and depreciated systematically over the estimated life of the mine.

 

Reconciliation of site restoration provision

 

2021

  

2020

 
         

Balance January 1

  3,567   3,346 

Unwinding of discount

  –   2 

Change in estimate - adjustment capitalised in Property, plant and equipment

  (408)  219 

Acquisition - Maligreen

  135   – 

Balance December 31

  3,294   3,567 

 

 

The discount rates currently applied in calculating the present value of the Blanket Mine provision is 1.94% (2020: 1.45%), based on a risk-free rate and cash flows estimated at an average 2.26% inflation (2020: 2.05%). The gross rehabilitation costs, before discounting, amounted to $3,087 (2020: $3,389) for Blanket Mine as at December 31, 2021.