News: IGO IGO Ltd Announces Impairment Of Western Areas Assets

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    July 17 (Reuters) - IGO Ltd (IGO) :

    • IMPAIRMENT OF WESTERN AREAS ASSETS
    • IMPAIRMENT RELATES TO REASSESSMENT OF ACCOUNTING VALUE AT COSMOS AND FORRESTANIA TO REFLECT HIGHER CAPITAL AND OPERATING COSTS, ETC
    • EXPECTS TO RECORD A NON-CASH, PRE-TAX IMPAIRMENT EXPENSE OF BETWEEN A$880 MILLION & A$980MLN FOR YEAR ENDING 30 JUNE
    • NON-CASH IMPAIRMENT WILL NOT IMPACT FY23 EBITDA
    • REVIEW OF COSMOS PROJECT IS UNDERWAY AND EXPECTED TO BE COMPLETED IN DECEMBER QUARTER
    • GUIDANCE PROVIDED ON 31 OCTOBER 2022 WITH RESPECT TO COSMOS HAS BEEN WITHDRAWN
 
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