Also, it’s clear that they had no choice but to write off all...

Also, it’s clear that they had no choice but to write off all the GCY assets but there is some reasonable chance they will recover some of it:

“The result includes an impairment related to Gascoyne Resources (ASX: GCY) following their entry into voluntary administration in June 2019. NRW had been providing financial support to Gascoyne in the form of deferred settlement terms for work performed (as secured debt and equity) required as a consequence of processing lower grade ore in the initial start-up of operations. As a consequence of the administration, NRW advised the ASX on 4 June 2019 of an exposure to Gascoyne totalling approximately $35 million representing work in progress, monthly billings and the debt and equity support referred to above. NRW is continuing to work on the project where gold output has improved significantly since the administration process commenced. Payment terms for current work have been agreed at one week in arrears; these have been consistently met by the administrators. Initial information on the resource strongly supports the continuation of the project and the expectation that NRW may be able to recover a proportion of its outstanding debts over time. However, given the uncertainty of the projects eventual financial structure and timing, all pre-administration balances referred to above have been impaired in the FY19 accounts ($33.5 million).”