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
