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Inova writes down impairment on Osborne

2nd August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior Inova Resources has become the latest miner to fall victim to the falling gold price, with the ASX-listed company warning of an impairment on its Osborne copper/gold asset, in Queensland.

The ASX- and TSX-listed Inova, which was previously created as the exploration arm of Ivanhoe Mines, noted that while work on the final forecast was not yet complete, it was likely that the carrying value of the Osborne project would decline by between A$40-million and A$45-million.

The impairment resulted from significantly reduced copper and gold price assumptions, following the recent deterioration of commodity prices.

While the impairment would affect Inova’s profit/loss balance, it would have no impact on the company’s cash flow or cash balances.

Edited by Creamer Media Reporter

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