property plant and equipment used in mining activities are depreciated over its usef 612393

ArcelorMittal (2010)

Notes to the Consolidated Financial Statements [extract]

Note 2 Summary of Significant Accounting Policies [extract]

Property, plant and equipment [extract]

Property, plant and equipment used in mining activities are depreciated over its useful life or over the remaining life of the mine if shorter and if there is no alternative use possible. For the majority of assets used in mining activities, the economic benefits from the asset are consumed in a pattern which is linked to the production level and accordingly, assets used in mining activities are depreciated on a unit of production basis. Unit of production is based on the available estimate of proven and probable reserves.