Regis books A$192m impairment on McPhillamys
Australian gold developer Regis Resources on Wednesday announced “regrettable, but prudent actions”, including writing down the value of the now-unviable McPhillamys gold asset after a well-published Section 10 ruling.
The company booked a noncash impairment of A$192-million against a significant portion of the carrying value of McPhillamys.
Regis also removed 1.89-million ounces of ore reserve previously associated with the project from its reporting.
“Following the surprising and disappointing Section 10 declaration by Federal Minister [Tanya] Plibersek last week, Regis has commenced an assessment of the impacts on the economic value of our business,” said MD Jim Beyer.
He stated that the Section 10 declaration had resulted in the loss of planned access to tailings storage facility (TSF) area. This has made the project in its current form unviable.
Beyer said to advance any form of realistic and approvable alternative TSF solution would require further extensive investigations and studies along with the restart of the state and federal approvals processes. This could take between five and ten years, with no certainty of a viable alternative being realised.
Despite Plibersek's assurance that the declaration would not outright prevent the mine's development, Regis argued that it severely impacted the project.
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
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
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
