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Quarterly report pursuant to Section 13 or 15(d)

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS

v2.4.0.6
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
3 Months Ended
Mar. 31, 2013
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 $252.4 million and $265.1 million at MarchÌý31, 2013 and DecemberÌý31, 2012, respectively. The following is a summary of the obligations as of MarchÌý31, 2013 and as of the year ended DecemberÌý31, 2012:
Ìý
(In Millions)
Ìý
MarchÌý31, 2013
Ìý
DecemberÌý31, 2012
Environmental
$
15.4

Ìý
$
15.7

Mine closure
Ìý
Ìý
Ìý
LTVSMC
18.7

Ìý
18.3

Operating mines:
Ìý
Ìý
Ìý
U.S. Iron Ore
83.1

Ìý
81.2

Eastern Canadian Iron Ore
73.4

Ìý
88.9

Asia Pacific Iron Ore
22.7

Ìý
22.4

North American Coal
39.1

Ìý
38.6

Total mine closure
237.0

Ìý
249.4

Total environmental and mine closure obligations
252.4

Ìý
265.1

Less current portion
12.0

Ìý
12.3

Long term environmental and mine closure obligations
$
240.4

Ìý
$
252.8


Mine Closure
Our mine closure obligations are for our four consolidated U.S. operating iron ore mines, our two Eastern Canadian operating iron ore mines, our Asia Pacific operating iron ore mine, our six operating North American coal mines and a closed operation formerly known as LTVSMC.
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 three months ended MarchÌý31, 2013 and the year ended DecemberÌý31, 2012:
Ìý
(In Millions)
Ìý
Ìý
March 31, 2013
Ìý
December 31, 2012
(1)
Asset retirement obligation at beginning of period
$
231.1

Ìý
$
194.9

Ìý
Accretion expense
4.5

Ìý
17.6

Ìý
Exchange rate changes
—

Ìý
0.3

Ìý
Revision in estimated cash flows
(17.2
)
Ìý
18.2

Ìý
Payments
(0.1
)
Ìý
0.1

Ìý
Asset retirement obligation at end of period
$
218.3

Ìý
$
231.1

Ìý

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(1)
Represents a 12-month rollforward of our asset retirement obligation at December 31, 2012.