RECLAMATION AND REMEDIATION

9 Months Ended

Sep. 30, 2020

Environmental Remediation Obligations [Abstract]

The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements.

The Company’s Reclamation and remediation expense consisted of:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Reclamation adjustments and other	$	—	$	14	$	—	$	14
Reclamation accretion	34		39		103		99
Total reclamation expense	34		53		103		113

Remediation adjustments and other	3		9		9		49
Remediation accretion	1		—		4		3
Total remediation expense	4		9		13		52
	$	38	$	62	$	116	$	165

The following are reconciliations of Reclamation and remediation liabilities:


	2020		2019
Reclamation balance at January 1,	$	3,334	$	2,316
Additions, changes in estimates and other	(2)		18
Adjustment from the Newmont Goldcorp transaction (1)	15		948
Net change from the formation of NGM	—		(26)
Other acquisitions and divestitures	—		(10)
Payments, net	(49)		(43)
Accretion expense	103		99
Reclamation balance at September 30,	$	3,401	$	3,302


	2020		2019
Remediation balance at January 1,	$	299	$	279
Additions, changes in estimates and other	—		37



Payments, net	(18)		(21)
Accretion expense	4		3
Remediation balance at September 30,	$	285	$	298

____________________________

(1)As of September 30, 2019, an adjustment of $180 relating to the Newmont Goldcorp transaction, was reclassified from remediation to reclamation, consistent with the presentation in the Consolidated Financial Statements for the year ended December 31, 2019, filed on February 20, 2020 on Form 10-K.

The current portion of reclamation liabilities was $120 and $125 at September 30, 2020 and December 31, 2019, respectively, and was included in Other current liabilities. The current portion of remediation liabilities was $44 and $44 at September 30, 2020 and December 31, 2019, respectively, and was included in Other current liabilities. At September 30, 2020 and December 31, 2019, $3,401 and $3,334, respectively, were accrued for reclamation obligations relating to operating properties and formerly operating properties that have entered the closure phase and have no substantive future economic value.

The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. At September 30, 2020 and December 31, 2019, $285 and $299, respectively, were accrued for such environmental remediation obligations. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 38% greater or 0% lower than the amount accrued at September 30, 2020. These amounts are included in Other current liabilities and Reclamation and remediation liabilities. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Reclamation and remediation in the period estimates are revised.

Included in Other non-current assets at September 30, 2020 and December 31, 2019 are $52 and $53 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. Of the amounts at September 30, 2020, $47 was related to the Ahafo and Akyem mines in Ghana, Africa and $5 related to NGM in Nevada, United States. Of the amounts at December 31, 2019, $47 was related to the Ahafo and Akyem mines in Ghana, Africa, $5 related to NGM in Nevada, United States and $1 was related to the Midnite (Dawn) mine site in Washington, United States.

Included in Other non-current assets at September 30, 2020 and December 31, 2019 was $37 and $55, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. Of the amounts at September 30, 2020, $14 is related to the Midnite mine and Dawn mill sites and $23 is related to San Jose Reservoir. Of the amounts at December 31, 2019, $31 is related to the Midnite mine and Dawn mill sites and $24 is related to San Jose Reservoir.

Refer to Notes 23 and 26 for further discussion of reclamation and remediation matters.