https://www.miningweekly.com

CCR warns of impairment costs

19th August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Silver miner Cobar Consolidated Resources has warned shareholders of an asset impairment of between A$28-million and A$33-million on its Wonawinta silver mine.

The company said on Monday that the write-down was in response to the recent fall in silver prices.

At the end of June, the silver price was some $19/oz, which was lower than previously forecast.

Furthermore, the write-down was also attributed to the higher asset value as a result of capitalisation of net operating costs during the longer-than-planned commissioning phase of Wonawinta.

The Wonawinta project poured its first silver in July last year, and has a 51-million ounce indicated and inferred resource and a 14-million-ounce probable reserve. The project would likely produce some 12.8-million ounces of silver a year, over a five-year project life.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.043 1.016s - 111pq - 2rq
Subscribe Now