Obligations Under Guarantees

6 Months Ended

Jun. 30, 2018

Guarantees [Abstract]

OBLIGATIONS UNDER GUARANTEES

NOTE Q— OBLIGATIONS UNDER GUARANTEES

We have indemnified our insurers against any loss they may incur in the event that holders of surety bonds, issued on our behalf, execute the bonds. As of June 30, 2018, there was $28.6 million in bonds outstanding. The majority of these bonds, $25.6 million, relate to reclamation requirements issued by various governmental authorities. Reclamation bonds remain outstanding until the mining area is reclaimed and the authority issues a formal release. The remaining bonds relate to such indefinite purposes as licenses, permits, and tax collection.