Silver Lake hit with $48m impairment charge
PERTH (miningweekly.com) – Gold miner Silver Lake Resources has warned of a A$48-million noncash impairment against its current assets for the financial year ended June 30.
The most recent impairment was in addition to the A$42-million impairment reported at the end of December last year against the Murchison gold operations, which have since been placed on care and maintenance.
Silver Lake told shareholders on Tuesday that the most recent impairments were owing to a number of factors, including the assessment of exploration and development assets at the Mount Monger mine, and the decision to place the Lakewood processing facility on care and maintenance.
Moreover, the Cock-eyed Bob and Maxwells underground deposits have been assessed as long-term development assets until firm plans to develop these mines have been completed.
“With the Murchison gold operations on care and maintenance, the company is focused on the Mount Monger operations, which recorded another strong annual result of A$58-million in earnings before interest, tax, depreciation and amortisation in 2014,” said Silver Lake MD Les Davis.
He noted that in addition to the impairment charges, Silver Lake had also taken the decision to de-recognise deferred tax assets of about A$53-million. This decision was not expected to impact on Silver Lake’s ability to use the tax losses in future financial periods.
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