Note 15: Properties, Plants, Equipment and Mine Development, net, and Lease Commitments

Our major components of properties, plants, equipment, and mine development are (in thousands):


	December 31,
	2024		2023

Mining properties, including asset retirement obligations	$	958,858	$	911,018
Development costs		671,741		630,391
Plants and equipment		1,805,236		1,666,577
Land		35,680		35,112
Mineral interests		1,166,045		1,164,390
Construction in progress		66,566		121,022
		4,704,126		4,528,510
Less accumulated depreciation, depletion and amortization		2,010,007		1,862,260
Net carrying value	$	2,694,119	$	2,666,250

During 2024, we incurred total capital expenditures of $214.5 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 $49.6 million at Lucky Friday, $47.8 million at Greens Creek, $60.7 million at Casa Berardi and $54.9 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, 2024, mineral interests included VBPP assets of $323.6 million, $388.2 million, $83.3 million and $95.7 million, respectively, at Casa Berardi, Nevada, Greens Creek and Keno Hill, along with various other properties. As of

December 31, 2023, mineral interests included VBPP assets of $323.6 million, $383.6 million, $86.3 million and $102.1 million, respectively, at Casa Berardi, Nevada, Greens Creek and Keno Hill, along with various other properties.

We periodically enter into lease agreements, primarily for equipment at our operations, which we have determined to be finance leases. As of December 31, 2024 and 2023, we have recorded $108.5 million and $106.9 million, respectively, for the gross amount of assets acquired under the finance leases and $94.4 million and $86.5 million, respectively, in accumulated depreciation on those assets, classified as plants and equipment in Properties, plants, equipment and mine development. See Note 9 for information on future obligations related to our finance leases.