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ASSET RETIREMENT OBLIGATION
 12 Months Ended
Dec. 31, 2020
ASSET RETIREMENT OBLIGATION  
ASSET RETIREMENT OBLIGATION

6. ASSET RETIREMENT OBLIGATION

 The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:

 

 

 

 

 

 

 

 

    

December 31, 

    

December 31, 

(thousands of dollars)

 

2020

 

2019

Balance, beginning of period

 

$

6,300

 

$

6,203

Liabilities settled

 

 

(1,262)

 

 

(293)

Accretion expense

 

 

201

 

 

390

Balance, end of period

 

 

5,239

 

 

6,300

Less: Obligation transferred to enCore

 

 

(5,239)

 

 

 

Less: ARO included in current liabilities held for sale

 

 

 —

 

 

(894)

ARO included in liabilities held for sale, non-current

 

$

 —

 

$

5,406

 

ARO is primarily comprised of estimated reclamation costs related to ISR projects in South Texas. On December 31, 2020, the Company closed the sale of its US uranium assets to enCore Energy. With the sale, enCore assumed all liabilities for the purchased subsidiaries, including the $6 million in asset retirement obligations for the south Texas uranium projects. At December 31, 2020, there is no ARO recorded for the Coosa Graphite Deposit as there has been only minimal environmental disturbance due to exploration which has since been reclaimed.