Note 14 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 14: Properties, Plants, Equipment and Mineral Interests, and Lease Commitments

Properties, Plants, Equipment and Mineral Interests

Our major components of properties, plants, equipment, and mineral interests are (in thousands):

	December 31,
	2021		2020
			Revised
Mining properties, including asset retirement obligations	$	818,582	$	818,819
Development costs		549,666		526,714
Plants and equipment		1,446,183		1,410,209
Land		34,931		32,983
Mineral interests		972,754		969,589
Construction in progress		86,903		66,090
		3,909,019		3,824,404
Less accumulated depreciation, depletion and amortization		1,598,209		1,446,330
Net carrying value	$	2,310,810	$	2,378,074

During 2021, we incurred total capital expenditures of approximately $109.0 million. This excludes non-cash items for equipment acquired under finance leases and adjustments for asset retirement obligations, and includes acquisitions of mineral interests and land. The expenditures included $29.9 million at Lucky Friday, $23.9 million at Greens Creek, $49.6 million at Casa Berardi and $5.5 million at the Nevada Operations.

Mineral interests include amounts for value beyond proven and probable reserves (“VBPP”) related to mines and exploration or pre-development interests acquired by us which are not depleted until the mineralized material they relate to is converted to proven and probable reserves.  As of December 31, 2021, mineral interests included VBPP assets of $323.6 million, $382.9 million and $132.6 million, respectively, at Casa Berardi, Nevada Operations and Greens Creek, along with various other properties.

Finance Leases

We periodically enter into lease agreements, primarily for equipment at our operations, which we have determined to be finance leases.  As of December 31, 2021 and 2020, we have recorded $78.9 million and $74.0 million, respectively, for the gross amount of assets acquired under the finance leases and $60.6 million and $51.7 million, respectively, in accumulated depreciation on those assets, classified as plants and equipment in Properties, plants, equipment and mineral interests.  See Note 8 for information on future obligations related to our finance leases.