ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
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| ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
NOTE 13 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $176.0 million and $171.3 million at JuneÌý30, 2018 and DecemberÌý31, 2017, respectively. The following is a summary of the obligations:
Mine Closure
The accrued mine 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 roll forward of our mine closure obligation liability for the six months ended JuneÌý30, 2018 and for the year ended DecemberÌý31, 2017:
For the year ended DecemberÌý31, 2017, the revision in estimated cash flows relates primarily to updates to our estimates resulting from our three-year in-depth review of our mine closure obligations for each of our U.S. mines. The primary driver of the decrease in estimated cash flows was the Empire mine, as the mine closure obligation was reduced by $26.2 million as a result of the refinement of the cash flows required for reclamation, remediation and structural removal. Prior estimates were based on RS Means (a common costing methodology used in the construction and demolition industry) average costing data while the current estimate was compiled using a more detailed cost build-up approach.
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- Definition The entire disclosure for 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. This element may be used for all of an entity's disclosures about environmental loss contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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