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Note 13 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments
12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Properties, Plants, Equipment and Mineral Interests, and Lease Commitments

Note 13: 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,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Mining properties, including asset retirement obligations

 

$

871,027

 

 

$

818,582

 

Development costs

 

 

588,298

 

 

 

549,666

 

Plants and equipment

 

 

1,514,906

 

 

 

1,446,183

 

Land

 

 

35,644

 

 

 

34,931

 

Mineral interests

 

 

1,171,261

 

 

 

972,754

 

Construction in progress

 

 

134,600

 

 

 

86,903

 

 

 

 

4,315,736

 

 

 

3,909,019

 

Less accumulated depreciation, depletion and amortization

 

 

1,745,946

 

 

 

1,598,209

 

Net carrying value

 

$

2,569,790

 

 

$

2,310,810

 

 

During 2022, we incurred total capital expenditures of approximately $149.4 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 $51.0 million at Lucky Friday, $36.9 million at Greens Creek, $39.7 million at Casa Berardi and $19.7 million at Keno Hill.

 

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, 2022, mineral interests included VBPP assets of $323.6 million, $383.6 million, $93.8 million and $102.1 million, respectively, at Casa Berardi, Nevada Operations, Greens Creek and Keno Hill, along with various other properties. 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, 2022 and 2021, we have recorded $90.8 million and $78.9 million, respectively, for the gross amount of assets acquired under the finance leases and $67.7 million and $60.6 million, respectively, in accumulated depreciation on those assets, classified as plants and equipment in Properties, plants, equipment and mineral interests. See Note 7 for information on future obligations related to our finance leases.