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Note 5 - Environmental and Reclamation Activities
 12 Months Ended
Dec. 31, 2023
Environmental and Reclamation Activities [Abstract]  
Environmental and Reclamation Activities
Note 5: Environmental and Reclamation Activities
The liabilities accrued for our reclamation and closure costs at December 31, 2023 and 2022 were as follows (in thousands):
 
                               
    
2023
     
2022
  
Operating properties:
      
Greens Creek
   
$
39,893
 
   
$
37,212
 
Lucky Friday
   
 
12,022
 
   
 
13,343
 
Keno Hill
   
 
3,360
 
   
 
4,514
 
Casa Berardi
   
 
11,157
 
   
 
11,352
 
Non-operating properties:
      
Nevada Operations
   
 
30,539
 
   
 
28,171
 
San Sebastian
   
 
2,061
 
   
 
1,989
 
Troy mine
   
 
5,238
 
   
 
6,980
 
Johnny M
   
 
10,148
 
   
 
8,961
 
All other sites
   
 
6,039
 
   
 
4,477
 
  
 
 
     
 
 
  
Total
   
 
120,457
 
   
 
116,999
 
Reclamation and closure costs, current
   
 
(9,660
) 
   
 
(8,591
) 
  
 
 
     
 
 
  
Reclamation and closure costs, long-term
   
$
110,797
 
   
$
108,408
 
  
 
 
     
 
 
  
The activity in our accrued reclamation and closure cost liability for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
 
               
Balance at January 31, 2021
   
$
116,048
 
Accruals for estimated costs
   
 
4,952
 
Accretion expense
   
 
6,454
 
Revision of estimated cash flows due to changes in reclamation plans
   
 
(8,781
) 
Payment of reclamation obligations
   
 
(5,442
) 
  
 
 
  
Balance at December 31, 2021
   
 
113,231
 
Accruals for estimated costs
   
 
2,874
 
Accretion expense
   
 
5,995
 
Revision of estimated cash flows due to changes in reclamation plans
   
 
452
 
Payment of reclamation obligations
   
 
(5,553
) 
  
 
 
  
Balance at December 31, 2022
   
 
116,999
 
Accruals for estimated costs
   
 
2,952
 
Accretion expense
   
 
7,740
 
Revision of estimated cash flows due to changes in reclamation plans
   
 
(29
) 
Payment of reclamation obligations
   
 
(7,205
) 
  
 
 
  
Balance at December 31, 2023
   
$
120,457
 
  
 
 
  
Asset Retirement Obligations
Below is a reconciliation as of December 31, 2023 and 2022 (in thousands) of the asset retirement obligations (“ARO”) which are included in our total accrued reclamation and closure costs of $120.5 million and $117.0 million, respectively, discussed above. The estimated reclamation and closure costs were discounted using credit adjusted, risk-free interest rates ranging from 5.75% to 14.5% from the time we incurred the obligation to the time we expect to pay the retirement obligation.
 
                               
    
2023
     
2022
  
Balance January 1
   
$
96,620
 
   
$
95,033
 
Changes in obligations due to changes in reclamation plans
   
 
(29
) 
   
 
452
 
Accretion expense
   
 
7,740
 
   
 
5,995
 
Payment of reclamation obligations
   
 
(5,264
) 
   
 
(4,860
) 
  
 
 
     
 
 
  
Balance at December 31
   
$
99,067
 
   
$
96,620
 
  
 
 
     
 
 
  
Payments for reclamation obligations were incurred at Lucky Friday, Greens Creek, Keno Hill and our former Mexico operation San Sebastian.
The AROs related to the changes described above were discounted using a credit adjusted, risk-free interest rate of between 2.75% and 7.5% and inflation rates ranging from 2% to 4%.