Note 3 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

PROPERTY, PLANT AND EQUIPMENT

NOTE 3—PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	December 31,
(In thousands)	2022		2021
Plant and equipment	$	232,885	$	167,019
Mining property and mineral rights		120,760		26,064
Construction in process		34,698		9,972
Capitalized mine development costs		153,436		104,291
Less: accumulated depreciation and amortization		(111,937)		(80,269)
Total property, plant and equipment, net	$	429,842	$	227,077

Capitalized amounts related to coal reserves at properties where we are not currently engaged in mining operations totaled $33.4 million as of December 31, 2022 and $25.1 million as of December 31, 2021.

In addition to the amounts discussed above, on July 10, 2022, the Company experienced a methane ignition at the Berwind No. 1 mine, which was one of the active mines at our Berwind mining complex. The other mines resumed production while the Berwind No. 1 mine was idled until a full investigation could be conducted. There were no personnel in the mine at the time of the incident and no injuries or fatalities occurred. The overall impact to pre-tax earnings in 2022 was immaterial except for idle mine costs of $9.5 million recognized during the year. Production from the Berwind No. 1 mine restarted in the first quarter of 2023.

Mining property and mineral rights are made up primarily of significant asset acquisitions that occurred in 2022 and 2021. Refer to Note 4 for more information.

Depreciation, depletion, and amortization included:

	Year ended December 31,
(In thousands)	2022		2021		2020
Depreciation of plant and equipment	$	24,132	$	17,945	$	17,094
Amortization of right of use assets (finance leases)		4,846		1,109		—
Amortization and depletion of
capitalized mine development costs and mineral rights		12,216		7,151		3,818
Total depreciation, depletion, and amortization	$	41,194	$	26,205	$	20,912