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Mirabela warns of A$380m impairment for 2013

14th February 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) - Nickel miner Mirabela Nickel has warned shareholders that it would likely report impairment charges of $380-million on its Brazilian assets, for its 2012 full year.

The ASX- and TSX-listed miner said that it had identified impairment indicators such as a significant decline in the market value of other nickel producers, declining nickel prices and a reduction in market capitalisation.

As a result, the company performed an impairment test on the recoverability of its assets, and Mirabela said on Thursday that the impairment charges were subject to board approval and the completion of an external audit.

The nickel miner had previously said that it was targeting an output of some 24 000 t during 2013, with the company spending $40-million on capital expenditure and $50-million on exploration.

Edited by Creamer Media Reporter

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