https://www.miningweekly.com

Silver Lake hit with $48m impairment charge

Silver Lake hit with $48m impairment charge

Photo by Bloomberg

26th August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Gold miner Silver Lake Resources has warned of a A$48-million noncash impairment against its current assets for the financial year ended June 30.

The most recent impairment was in addition to the A$42-million impairment reported at the end of December last year against the Murchison gold operations, which have since been placed on care and maintenance.

Silver Lake told shareholders on Tuesday that the most recent impairments were owing to a number of factors, including the assessment of exploration and development assets at the Mount Monger mine, and the decision to place the Lakewood processing facility on care and maintenance.

Moreover, the Cock-eyed Bob and Maxwells underground deposits have been assessed as long-term development assets until firm plans to develop these mines have been completed.

“With the Murchison gold operations on care and maintenance, the company is focused on the Mount Monger operations, which recorded another strong annual result of A$58-million in earnings before interest, tax, depreciation and amortisation in 2014,” said Silver Lake MD Les Davis.

He noted that in addition to the impairment charges, Silver Lake had also taken the decision to de-recognise deferred tax assets of about A$53-million. This decision was not expected to impact on Silver Lake’s ability to use the tax losses in future financial periods.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.157 0.204s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: