BRL 0.00% 1.6¢ bathurst resources limited

Ann: GENERAL: BRL: Review of Carrying Value of Non-Current Assets

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    • Release Date: 29/08/14 09:12
    • Summary: GENERAL: BRL: Review of Carrying Value of Non-Current Assets
    • Price Sensitive: No
    • Download Document  1.45KB
    					BRL
    29/08/2014 09:12
    GENERAL
    
    REL: 0912 HRS Bathurst Resources Limited
    
    GENERAL: BRL: Review of Carrying Value of Non-Current Assets
    
    Review of Carrying Value of Non-Current Assets
    
    The Board of Bathurst Resources Limited (NZX/ASX: BRL "Bathurst") advises
    that it has completed its review of the carrying value of non-current assets
    as at 30 June 2014 which has resulted in an unaudited impairment adjustment
    of NZ$449.9 million on its investment in the Buller Coal Project.
    
     The Board believes the impairment adjustment is appropriate given current
    consensus coking coal prices from independent analysts, the adjusted
    production levels at Escarpment following the decision to defer exports, and
    the higher than anticipated New Zealand dollar exchange rate.
    
    Managing Director, Hamish Bohannan, said "The adjustment is non cash in
    nature and will have no impact on Bathurst's ability to continue to operate
    its business".
    
    In addition, an unaudited fair value gain on the deferred consideration of
    the Buller Coal Project of NZ$169 million has been recognised as the current
    mining plan has no production activity scheduled beyond construction phase
    until international coking coal prices improve.  Subsequently, no royalties
    or financial obligations linked to shipments of export coal will fall due in
    the foreseeable future.
    
    The adjustments will be reflected in the company's annual financial
    statements for FY 2014.
    End CA:00254572 For:BRL    Type:GENERAL    Time:2014-08-29 09:12:23
    				
 
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