Environmental And Mine Closure Obligations
|6 Months Ended|
Jun. 30, 2012
|Environmental And Mine Closure Obligations||
NOTE 11 – ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $244.1 million and $235.7 million at June 30, 2012 and December 31, 2011, respectively. The following is a summary of the obligations as of June 30, 2012 and the year ended December 31, 2011:
Our mine closure obligations are for our four consolidated U.S. operating iron ore mines, our two Eastern Canadian operating iron ore mines, our six operating North American coal mines, our Asia Pacific operating iron ore mine, the coal mine at Sonoma and a closed operation formerly known as LTVSMC.
The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. The accretion of the liability and amortization of the related asset is recognized over the estimated mine lives for each location. The following represents a rollforward of our asset retirement obligation liability related to our active mining locations for the six months ended June 30, 2012 and the year ended December 31, 2011:
Disclosures of environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. Disclosures of accrued closure obligations for active or inactive mining operations that based upon contractual and legal obligations.
No definition available.