irvine island – opportunity for development, page-14

what is the carrying value of irvine on the balance sheet? why do you think that is?
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The carrying value of Irvine is $75million.
That reflects the amount of money they have spent so far and a belief that the money ( and future expenditure)can be recovered upon successful mining or sale.

At the moment, apart from an accounting entry, as CK writes, it is a rock in the water, worth nothing.