Ann: Accounts Lodgement Update , page-65

Deloitte would not have asked for the future cash flows because they though PLV might struggle to meet their financial obligations. IMO they asked for them because PLV had incorrectly-according to accounting law-shown the value of mining potential of Cockatoo on their books.

In order for PLV to show the value of stages 5 & 6 of Cockatoo they needed to have be at the stage where they had projected future cash flows. They only had it valued from the initial independent report. Hence the $47M impairment.

However, it is just a technicality, there is obviously value there. Accounting laws just don't allow PLV to show it on their books yet. It will be put on the books when they are at the stage where they have probable cash flows for the future stages.