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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2021
Asset Retirement Obligations |
Asset Retirement Obligations | 7. Asset Retirement Obligations The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties where there has been or currently is operations. Obligations were established for the New Jersey mill in 2014 and the Golden Chest mine in 2016. Activity for the years ended December 31, 2021, and 2020 is as follows:
|  | 2021 |  |  | 2020 |
Balance at January 1 |  | $ | 173,001 |  |  | $ | 163,369 |
Accretion expense |  |  | 9,953 |  |  |  | 9,632 |
Change in asset retirement obligation estimate |  |  | (10,606 | ) |  |  | - |
Balance at December 31 |  | $ | 172,348 |  |  | $ | 173,001 |
The change in the asset retirement obligation estimate during the current year related to a revision to the estimated start of the reclamation process to a later date at our Golden Chest properties.

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