it makes it difficult to understand how the fair value at...

it makes it difficult to understand how the fair value at acquistion was $47m, however only a few short months later it wasnt worth anything.

I know the standard on impairment, usualy the auditors can be persuaded to carry an intangible asset for at least one period after acquision without impaiment, if there are reasonable grounds to support its carrying value. ie independant valuation etc on acquisition.

there obviously is more to be said in this situation though that what we know, its disapointing, however the impairment can be reversed (up to the original carrying value) if their is evidence to support the revaluation. in our case, drill results that support a JORC reserve with a DCF of about $47m.