Grange wrote down the value of the mine by $296 million with impairment charges in 2014 and a further $285 million in 2015. After this $581 million write off, the depreciation and amortisation charges are much lower and the reported profit much higher in subsequent years.
This depreciation expense is a historical cost estimate of what it cost to replace or extend the cost of the mine. The profit is
Shagang Offtake, page-22
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