Aditya warns of up to A$225m impairment
PERTH (miningweekly.com) – Copper miner Aditya Birla on Tuesday warned shareholders of a possible impairment of between A$175-million and A$225-million for the interim period ended September.
The likely impairment related to a reduction in reserves after the March 2014 sinkhole incident at the Nifty mine, which led to access restrictions to certain parts of the orebody and a change in the proposed mining method for the South and West limbs.
Aditya was also expecting a write-down on its Mt Gordon project, in Queensland, as the company was currently considering a potential divestment of the asset, but based on the indicative sales figures received to date, the asset would be materially impaired.
ASX-listed Aditya has not reached any legally binding agreement as to the sale of the asset, to date.
Furthermore, Aditya has warned that preliminary results from recent drill testing at the Nifty heap leach inventory had indicated the need to substantially impair the asset.
During the three months to September, Aditya mined 241 263 t of ore, after mining operations at Nifty were restarted. Total copper production for the quarter reached 2 714 t, while Aditya sold 239 t of the metal.
Compared with the previous corresponding period, copper production and sales decreased by 80% and 98% respectively, as no copper was produced until the last week of August.
The Nifty oxide operations remained under care and maintenance during the period, and work has continued to evaluate the status of the current infrastructure and suitable alternative treatment options for the oxide ore.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
