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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT. |
PROPERTY, PLANT AND EQUIPMENT |
3. | PROPERTY, PLANT AND EQUIPMENT
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Book Value of Property Plant and Equipment at December 31, 2022
(thousands of dollars) |  | Alabama |  | Corporate |  | Total
Mineral rights and properties | ​ | $ | 8,972 | ​ | $ | — | ​ | $ | 8,972
Other property, plant and equipment | ​ |  | 5,745 | ​ |  | 24 | ​ |  | 5,769
Construction in progress | ​ | ​ | 75,337 | ​ | ​ | — | ​ | ​ | 75,337
Total | ​ | $ | 90,054 | ​ | $ | 24 | ​ | $ | 90,078
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Book Value of Property Plant and Equipment at December 31, 2021
(thousands of dollars) |  | Alabama |  | Corporate |  | Total
Mineral rights and properties | ​ | $ | 8,972 | ​ | $ | — | ​ | $ | 8,972
Other property, plant and equipment | ​ |  | 4,462 | ​ |  | 28 | ​ |  | 4,490
Construction in progress | ​ | ​ | 1,017 | ​ | ​ | — | ​ | ​ | 1,017
Total | ​ | $ | 14,451 | ​ | $ | 28 | ​ | $ | 14,479
​ Construction in Progress Construction in progress represents assets that are not ready for service or are in the construction stage. Assets are depreciated based on the estimated useful life of the asset once it is placed in service. ​ During the first quarter of 2022, the manufacturing of certain equipment commenced, for which the Company made cash deposits of $2.7 million as of December 31, 2021. As such, the deposits as of December 31, 2021 are now reflected as construction in progress as of December 31, 2022, and will continue to be included in construction in progress until such assets are placed into service. ​ Impairment of Property, Plant and Equipment The Company reviews and evaluates its long-lived assets for impairment on an annual basis or more frequently when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. For the years ended December 31, 2022 and 2021, no impairment charges were recorded on the Company’s assets. ​ Land Addition On June 22, 2021, AGP entered into incentive agreements with the State of Alabama and local municipalities for the siting of the Kellyton Graphite Plant. The incentive agreements provide certain tax credits and incentives under the Alabama Jobs Act in connection with the construction of the processing facility. Additionally, in connection with and in contemplation of the incentive agreements, on July 23, 2021, AGP entered into a land lease with the Lake Martin Area Industrial Development Authority. The lease provides AGP rights to approximately 70 acres to construct and operate its commercial graphite processing facility in Coosa County, Alabama. The lease has a term of 10-years, a nominal lease payment, and transfer of title to AGP at the end of the lease term. Further, the lease provides AGP the option to purchase the land for a nominal amount during the term of the lease. The incentive agreements and the lease are accounted for by the Company as a government grant; whereby the Company realized the fair value of the land of $1.4 million as an increase to Property, plant, and equipment with a corresponding obligation recorded in Other long-term liabilities in the consolidated balance sheet at December 31, 2021. The land represents a non-depreciable asset on the Company’s consolidated balance sheet. The corresponding obligation recorded in Other long-term liabilities on the consolidated balance sheet will be amortized to other income over the life of the Kellyton Graphite Plant once placed in service.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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