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Note 28 - Provisions
 12 Months Ended
Dec. 31, 2022
Statement Line Items [Line Items]  
Disclosure of provisions [text block]

28

Provisions

 

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. The costs of site restoration at Blanket Mine 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

 

2022

  

2021

 
         

Balance January 1

  3,294   3,567 

Unwinding of discount

  132   – 

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

  (468)  (408)

Acquisition - Maligreen

  –   135 

Balance December 31

  2,958   3,294 
         

Current

  –   – 

Non-current

  2,958   3,294 

 

The discount rates currently applied in calculating the present value of the Blanket Mine provision is 4.14% (2021: 1.94%) sourced from the U.S. Department of Treasury, based on a risk-free rate and cash flows estimated at an average 2.40% U.S. inflation (2021: 2.26%). The gross rehabilitation costs, before discounting, amounted to $3,137 (2021: $3,087) for Blanket Mine as at December 31, 2022.