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ASSET RETIREMENT OBLIGATION | 9 Months Ended
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Sep. 30, 2020
ASSET RETIREMENT OBLIGATION |
ASSET RETIREMENT OBLIGATION | 9. ASSET RETIREMENT OBLIGATIONS (“ARO”) The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:
|  | September 30, |  | December 31,
(thousands of dollars) |  | 2020 |  | 2019
Balance, beginning of period |  | $ | 6,300 |  | $ | 6,203
Liabilities settled |  |  | (501) |  |  | (293)
Accretion expense |  |  | 170 |  |  | 390
Balance, end of period |  |  | 5,969 |  |  | 6,300
Less: ARO included in current liabilities held for sale |  |  | (5,969) |  |  | (894)
ARO included in liabilities held for sale, non-current |  | $ | — |  | $ | 5,406
Asset retirement obligations primarily consist of estimated reclamation costs for the Company’s ISR projects in South Texas. These obligations are fully secured by performance obligation bonds totaling approximately $9.3 million and partially collateralized by $3.8 million in restricted cash. In early September 2020, Westwater entered into an agreement with enCore Energy Corp to sell its U.S. uranium assets, including those properties in Texas that are subject to the restoration obligations above (see Note 8). These assets and related liabilities were classified as held for sale during the current period and are reported on the Company’s Condensed Consolidated Balance Sheet. The sale is expected to close by year-end 2020, at which time all bonding obligations and nearly $6.0 million in reclamation liabilities will be transferred to enCore. Until the transaction closes, the Company will continue to perform plugging and surface reclamation activities at its Rosita and Vasquez projects located in Duval County, Texas.

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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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