I usually find assets like these lose value over time not get...

I usually find assets like these lose value over time not get revalued up by 10's of millions of dollars. You could buy new equipment for the difference between cost and the valuation on the books.

All they are doing is wearing out the equipment....yet the independent valuation goes up.

Please help me understand this?

Also if the number they are using is the "independent valuation" surely you would not ALSO count for the investment at costs less Depn.

Seems to me to be creative accounting, with a backyard auditor signing off, wonder what the big boys would say if they audited the company?