Inova warns of further impairment on Osborne
PERTH (miningweekly.com) – Takeover target Inova Resources has flagged another possible impairment charge of between A$10-million and A$20-million on its Osborne copper/gold project.
In August, Inova warned of an impairment charge of between A$40-million and A$45-million at the flagship project as a result of declining commodity prices.
The miner this week announced that the further impairment charges resulted from a review currently being conducted at the Osborne copper project, which had resulted in the reduction in mineral reserves at the project, translating into a 14% reduction in the planned mill feed tonnage.
An updated mineral resource estimate for the Starra 276 reserve has downgraded reserve estimates, reducing the contained copper by some 30% and the contained gold by some 36%.
The revised resource estimate prompted Inova to undertake the review on the Osborne project to consider development options that would maximise returns and cash flow from the operation over the coming years. This review would entail a life-of-mine evaluation to determine the optimal development pathway for each of the Osborne, Kulthor and Starra 276 underground mines.
The review would incorporate a detailed analysis of the capital development options within the mines, and the operating costs of the project, with a view to rationalising capital expenditure and reducing operating costs.
Inova is the takeover target of China’s Shanxi Donghui Coal Coking & Chemicals Group, which announced plans in August to buy the company for $160-million.
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
Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Press Office
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
