Some companies may list investments in natural resources as a separate line item on the balance sheet itself. One thing we noticed with Albemarle Corporation is that mineral rights and reserves were listed with property, plant, and equipment.

See the note long description here.

2019 Annual Report

In addition to the amount reported on the balance sheet as part of PP&E, itemized in Note 9, Albemarle included a note describing the accounting policy for significant resource development expenses:

Resource Development Expenses

We incur costs in resource exploration, evaluation and development during the different phases of our resource development projects. Exploration costs incurred before obtaining legal rights to explore an area are generally expensed as incurred. After obtaining legal rights, exploration costs are expensed in areas where we have uncertainty about obtaining proven resources. In areas where we have substantial knowledge about the area and consider it probable to obtain commercially viable proven resources, exploration and evaluation costs are capitalized.

If technical feasibility studies have been obtained, resource evaluation expenses are capitalized when the study demonstrates proven or probable resources for which future economic returns are expected, while costs for projects that are not considered viable are expensed. Development costs that are necessary to bring the property to commercial production or increase the capacity or useful life are capitalized. Costs to maintain the production capacity in a property under production are expensed as incurred.

Capitalized resource costs are depleted using the units-of-production method. Our resource development assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.

By now, you probably recognize most of these terms and concepts.