ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
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| Environmental Remediation Obligations [Abstract] | Ìý | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $218.2 million and $170.8 million at JuneÌý30, 2015 and DecemberÌý31, 2014, respectively. The following is a summary of the obligations as of JuneÌý30, 2015 and DecemberÌý31, 2014:
Mine Closure
The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. The accretion of the liability and amortization of the related asset is recognized over the estimated mine lives for each location.
The following represents a rollforward of our asset retirement obligation liability related to our active mining locations for the six months ended JuneÌý30, 2015 and for the year ended DecemberÌý31, 2014:
The revision in the asset retirement costs recorded during the six months ended JuneÌý30, 2015 relates primarily to revisions of the timing of the estimated cash flows associated with required storm water management systems expected to be implemented subsequent to the closure of the mine for one of our U.S. Iron Ore mines.
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- Definition Disclosures of environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. Disclosures of accrued closure obligations for active or inactive mining operations that based upon contractual and legal obligations. No definition available.
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- References No definition available.
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