4. Mineral Property, Plant and Equipment

Details of the Mineral Property, Plant and Equipment are as follows:

Net Book Value		Mineral Property			Plant and Equipment			Total
Balance at December 31, 2020	$	414,709		$	850		$	415,559
Additions		7,038			-			7,038
Changes to environmental rehabilitation provision (Note 6)		330			-			330
Depreciation		-			206			(206	)
Balance at December 31, 2021		422,077			644			422,721
Gross carrying value		469,245			2,166			471,411
Accumulated depreciation and impairment	$	(47,168	)	$	(1,522	)	$	(48,690	)

Net Book Value		Mineral Property			Plant and Equipment			Total
Balance at December 31, 2019	$	409,356		$	776		$	410,132
Additions		7,668			255			7,923
Disposals		-			(9	)		(9	)
Changes to environmental rehabilitation provision (Note 6)		(2,315	)		-			(2,315	)
Amortization and depreciation		-			(172	)		(172	)
Balance at December 31, 2020		414,709			850			415,559
Gross carrying value		461,877			2,166			464,043
Accumulated depreciation and impairment	$	(47,168	)	$	(1,316	)	$	(48,484	)

Mineral Property		December 31, 2021		December 31, 2020
Mineral property acquisition and interest costs	$	79,625	$	79,625
Mine plan and development		53,085		52,178
Environmental		149,275		146,094
Consulting and wages		64,299		61,653
Reclamation and remediation (Note 6)		44,914		44,584
Site activities		30,801		30,497
Mine equipment		78		78
Total	$	422,077	$	414,709

In November 2005, the Company acquired from Cliffs Erie LLC, a subsidiary of Cleveland Cliffs Inc. (together "Cliffs") large parts of a processing facility located approximately six miles from the ore body. In December 2006, the Company acquired from Cliffs additional property and associated rights sufficient to provide it with a railroad connection linking the mine development site and the processing facility. The transaction also included a railcar fleet, locomotive fueling and maintenance facilities, water rights and pipelines, administrative offices on site and an additional 6,000 acres of land to the east and west of the existing tailings storage facilities. The consideration paid for the processing facility and associated infrastructure was $18.9 million in cash and $13.953 million in shares. As part of the consideration, the Company indemnified Cliffs for reclamation and remediation obligations of the acquired property (see Note 6).

During 2021, the Company capitalized development costs of $7.038 million (2020 - $7.668 million) necessary to bring the Project to commercial production. No borrowing costs were capitalized during 2021. As Project assets are not in use or capable of operating in a manner intended by management, no depreciation or amortization of these assets has been recorded to December 31, 2021.

The Company regularly assesses whether there are indicators of asset impairment. No indicators of asset impairment were identified during 2021. During the first quarter of 2020, indicators were identified, including developments related to ongoing legal challenges, which potentially affect the timing of the Project. The recoverable amounts of mineral property, plant and equipment and intangibles were measured based on fair value less costs of disposal ("FVLCD"), determined by assessing future expected cash flows based on future business plans supported by life of mine plans. The valuation assessment uses the most recent reserve and resource estimates, relevant cost assumptions and market forecasts of commodity prices discounted using an operation specific weighted average cost of capital. The determination of FVLCD used Level 3 valuation techniques (see Note 15). Based on the results of the Company's recoverability analysis, the FVLCD exceeded the carrying amount of the assets and no impairment was required during the first quarter of 2020. No indicators of asset impairment were identified during the remainder of 2020.