Ann: Appendix 4E and Preliminary Financial Report, page-57

They must have revalued them last year when the coal price was in the toilet. Based on todays price of coal they're value would be higher. Unless of course you write them down before selling to a 3rd party, good old mates rates. The reason given for the impairment is that they are changing course to be a multi resource company. How this makes any difference im not sure but it looks like they're heading off chasing pie in the sky in Africa.
On the $51m loan for UNV or UCH...., am I correct in assuming its only owed 49% by UNV/TER and 51% by Ndalamo. It was also used to pay off existing UNV loans, so not as bad as it initially appears.