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RECLAMATION OBLIGATIONS
 9 Months Ended
Sep. 30, 2018
RECLAMATION OBLIGATIONS  
RECLAMATION OBLIGATIONS

NOTE 6 RECLAMATION OBLIGATIONS

 

The Company is responsible for reclamation of certain past and future disturbances at its properties. The most significant properties subject to these obligations are the Gold Bar and Tonkin properties in Nevada, the El Gallo Project in Mexico, and the Timmins properties in Canada.

 

A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2018 and for the year ended December 31, 2017 are as follows:

 

 

 

 

 

 

 

 

 

    

September 30, 2018

    

December 31, 2017

Asset retirement obligation, beginning of the period

 

$

24,722

 

$

9,843

Settlements

 

 

(257)

 

 

(126)

Accretion of liability

 

 

896

 

 

635

Acquisitions and divestitures

 

 

 —

 

 

11,803

Adjustment reflecting updated estimates

 

 

4,384

 

 

2,561

Foreign exchange revaluation

 

 

(452)

 

 

 6

Asset retirement obligation, ending balance

 

$

29,293

 

$

24,722

Current portion

 

 

(1,233)

 

 

(646)

Non-current portion

 

$

28,060

 

$

24,076

The Company adjusted its estimated liability in relation to the Gold Bar project for disturbance caused up to September 30, 2018. The increase in the current portion of the reclamation obligation relates primarily to the Company ceasing mining activities in Mexico during the second quarter.