My only real concern over the impairment of the assets isn't the impairment itself, but the reason given for it.
It states that it was due to a change in strategy. What is this strategy and why hasn't it been communicated to shareholders? The only strategy change we were told about was that they were going hell for leather to clear the debt, not that this changes the strategy around development of assets. Where does this put the growth assets that are all in SA? Eloff? Berenice etc?
If they have no plans to develop them, then they may as well spin the assets off and merge them with MCM.
Ann: Appendix 4E and Preliminary Financial Report, page-26
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