Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies Related to Discontinued Operations

v3.19.1
Commitments and Contingencies Related to Discontinued Operations
3 Months Ended
Mar. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]  
Commitments and Contingencies Related to Discontinued Operations

Note 4 – Commitments and Contingencies Related to Discontinued Operations

Discontinued operations represent former mining activities, the last of which ended in 2002. Pursuant to an agreement with the United States Environmental Protection Agency (the “EPA”), the Company performed certain remediation actions at a property sold over fifty years ago. This remediation work was completed by September 30, 2015. The Company has established a contingency provision related to discontinued operations, which was $487,000 and $497,000, as of March 31, 2019 and December 31, 2018, respectively. No change to the provision was required for either of the three months ended March 31, 2019 and 2018.

The remaining balance of the accrued remediation costs as of March 31, 2019 mainly represents estimated future charges for EPA response costs, monitoring of the property, and legal costs. The total costs to be incurred in future periods may vary from this estimate. The amounts recorded in the aforementioned contingency provision are not discounted. The provision will be reviewed periodically based upon facts and circumstances available at the time.