Note 5 - Asset Retirement Obligations

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

ASSET RETIREMENT OBLIGATIONS

NOTE 5—ASSET RETIREMENT OBLIGATIONS

We estimate asset retirement obligations (“ARO”) for final reclamation based upon detailed engineering calculations of the amount and timing of the future cash spending for a third-party to perform the required work. Spending estimates were escalated for inflation at 2.3% and 2.0% per year in 2021 and 2020, respectively, and the estimated cash outflows were then discounted at 4% at both December 31, 2021 and 2020. Amounts recorded related to asset retirement obligations were as follows:

	December 31,
(In thousands)	2021		2020
Balance at beginning of year	$	15,156	$	14,605
Additional asset retirement obligations acquired/incurred		6,919		—
Expenditures made		(62)		(105)
Accretion expense		615		570
Revisions to estimates		(79)		86
Balance at end of year	$	22,549	$	15,156