XML 53 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property, Plant and Mine Development – net
 6 Months Ended
Jun. 30, 2015
Property, Plant and Mine Development – net  
Property, Plant and Mine Development – net

7. Property, Plant and Mine Development – net

 

At June 30, 2015 and December 31, 2014, property, equipment and mine development consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Machinery and equipment

 

$
19,763

 

$
19,398

 

Mine development

 

 
21,060

 

 
13,393

 

Furniture, computer and office equipment

 

 
2,771

 

 
2,899

 

Mill facilities and infrastructure

 

 
3,062

 

 
2,825

 

Light vehicles and other mobile equipment

 

 
1,864

 

 
1,942

 

Construction-in-progress

 

 
6,663

 

 
592

 

Asset retirement costs

 

 
354

 

 
448

 

Land and mineral rights

 

 
230

 

 
227

 

Subtotal (1)

 

 
55,767

 

 
41,724

 

Accumulated depletion, depreciation and amortization

 

 
(13,025)

 

 
(9,376)

 

Total

 

$
42,742

 

$
32,348

 

 

(1) Includes accrued capital expenditures of $1.5 million for the six months ended 2015 and $1.1 million for the year ended 2014.

 

The Company recorded depletion, depreciation and amortization expense of $2.3 million and $3.7 million for the three and six months ended June 30, 2015, respectively. During the three and six months ended June 30, 2014, the Company recorded depletion, depreciation and amortization expense of $1.1 million and $1.9 million, respectively.

 

The Company has equipment leases that qualify as capital leases which have been recorded at the present value of the future minimum lease payments, including transaction fees and bargain purchase options, which approximates the net carrying value of the equipment. The equipment leases bear interest at 4.5% to 5.5% per annum, with monthly principal and interest payments of approximately $0.1 million over the three-year lease term. The Company has an option to purchase the equipment at the end of the lease term for less than $0.1 million. Depreciation on the leased assets is recorded over their estimated useful lives. 

 

As of June 30, 2015, the Company’s future obligations under capital leases are as follows:

 

 

 

 

 

 

 

 

Years Ended December 31, 

    

(in thousands)

 

2015

 

$
736

 

2016

 

 
900

 

Total payments due

 

 
1,636

 

Less amounts representing interest

 

 
(41)

 

Subtotal

 

 
1,595

 

Less current portion

 

 
(1,487)

 

Non-current portion

 

$
108